Goldman: Go Long On Fracking

Judging by the share price of shale oil and gas producers, you would think the industry is one from which to keep well away. Goldman Sachs, however, is recommending clients go long on the premise that the fracking industry, while depressed now, is simply going through a down cycle. In other words, today’s pain is tomorrows’ gain. Rig counts are indeed down, as this graph from Oilprice.com shows:Ample supplies have resulted in falling prices. Natural gas inventories have surged this year, rising from a low point of 1,155 billion cubic…