The Crude / Natural Gas energy price ratio hit a new all time high yesterday of 6.3 driven by the continued decline in the front month contract for natural gas at the Henry Hub (which closed today at $2.72/mmBtu for February delivery).  When you review the chart of the ratio from 1994 to the present it’s hard to miss the structural change in the market that started in the 2008 – 2009 time frame when shale gas has started to flow in quantity.