I've got about a third of my savings in commodities (gold and agricultural) at present as a hedge against inflation/weak sterling. I sold oil earlier this week when the hurricaine was on Texas, but will look to buy again when the price is lower (USD 70 or thereabouts).

Does anyone know where I can read up on the long-term natural gas market? Prices look much lower than a couple of years ago - could we be near the bottom of the cycle? Presumably there is a bottom to prices, as natural gas can be used as a substitute for coal or oil in electricity generation, and even as a fuel for cars.

Enlighten me, commodity experts!

There is allot of anecdotal evidence suggesting Russian supply is tighter than previously thought. They recently scrapped a deal to export 15bn cubic metres (approx 14% UKs annual consumption) to China. As Russias economy diversifies their somewhat centrally planned economy will ensure that energy is reserved for home use before export. I expect the reduced exports will drive prices up in europe. I have seen some estimates of 100% over the next 5 years.

US storage is at all time highs (see http://www.eia.doe.gov/oil_gas/natural_gas/ngs/ngs.html) and many junior stocks have been hammered over the last 2 years. I'm no expert, but I'll be looking for signs of an upturn before getting back into this sector.

I've been sitting on a small but pretty static long for some time. I can wait. It's historically cheap. That wierd texan on FSN now and then is bullish, but then he is wierd. Teach me not to do my own research. But I'm still bullish, if a tad early.