There are plenty of reasons to stay bearish on the ultimate Russian corporate bear, Gazprom (OGZPY):
- Russia, the sovereign shareholder behind the company, is still deemed an international outlaw.
- The company is dedicated to the “old” ways of delivering natural gas via pipelines, as opposed to the LNG revolution.
- Its major customer, Europe, appears to be doing its best to ruin the usual Gazprom business model and diversify its suppliers.
- And finally, the price of gas is under pressure globally, as fracking technology and LNG logistics make it possible to bring cheap US gas to