Just three years ago, the main topic of conversation for the North American natural gas markets was liquefied natural gas (LNG).

The father of modern economics, John Maynard Keynes, was once asked in a debate how he justified changing his mind on certain key issues of his day. Keynes replied “When the facts change, I change my mind. What do you do, sir?”

If there’s one factor that’s catalyzed the recent selloff in crude oil prices, it’s declining oil consumption from developed-market economies.

Some cynics will argue that the annual G8 Summit is nothing more than a chance for world leaders to eat and drink well in a scenic resort area.

With oil cruising above $140 per barrel and natural gas at its highest levels since late 2005, it’s hard to imagine that there could be any energy-related sectors that aren’t flying higher.

It’s become fashionable to blame rallies in commodity prices on excessive speculation, gas gauging and Big Oil. But the real reason for the jump in crude oil and natural gas prices is simple fundamentals.

In the wake of the 1986 Chernobyl nuclear disaster in the Ukraine, public opinion in Europe turned increasingly anti-nuclear. But, sentiment is clearly shifting back in favor of nuclear and several nations are now taking steps to actually extend the operating life of existing plants or build brand new reactors.

Coal is public enemy No. 1 for most environmental activist groups. Certainly, there’s some logic behind that opposition; after all, coal plants emit more sulphur dioxide, mercury and nitrous oxides than other fossil fuels.

Publicly traded master limited partnerships (MLP) have had a rough run since last July despite generally strong fundamental performances. If history is any guide, this marks an outstanding buying opportunity for the group.

Earlier this week, I attended the Energy Information Administration’s (EIA) annual energy conference in Washington, DC. This year’s conference was a two-day event marking the 30-year anniversary of the EIA’s founding as the statistical and research arm of the US Dept of Energy.