The current mood of energy investors in the Pennsylvania Marcellus shale play is that the bearish natural gas trade remains fully intact.

E&P management’s are also quite bearish on natural gas near-term (three months to a year) according to KeyBanc Capital Markets Inc. senior managing director Jack Aydin in a research note released Aug. 23 covering the firm’s recent Marcellus Shale Bus Tour in the Pittsburgh area.

Aydin said, “The optimist in most want to believe that low natural gas prices will ultimately cure low natural gas prices; however, with ...