Haven’t heard of Gulfport Energy? You should, because it holds the key to this market, CNBC’s Jim Cramer said Thursday.
Gulfport, a natural gas company, unveiled a 14 million common stock offering Wednesday.
Natural gas futures have fallen more than 25 percent in 2016 and, while oil prices have recovered some of their losses from earlier this year, nat gas has remained in a downward trend.
“It’s so low that no one’s making money in natural gas,” Cramer said. “They could literally burn this stuff up. There’s too much, there’s no place to put it.”
Shares in Gulfport were down 3 percent midmorning Thursday.
Disclosure: Cramer’s trust did not own Gulfport stock when this article was published.