When Warren Buffett is buying, investors pay attention because the Oracle of Omaha has a track record spanning eight decades of making money in markets that are often choppy.
Energy prices have fallen sharply with the Energy Price Index falling to 45% from a year ago to 95.21 in June, according to the World Bank, thanks to global oversupply and OPEC price fluctuations.
DON'T MISS: Warren Buffett Has a Cuddly New Mega-Investment
But that doesn't mean there aren't smart investment opportunities in the space, and Buffett's Berkshire Hathaway (BRK.B) -) is always on the hunt for new deals.
Berkshire agreed to purchase a $3.3 billion stake in liquid natural gas company Cove Point LNG from Dominion Energy (D) -), bringing its total stake in the company to 75% -- the rest of the company is owned by Brookfield Infrastructure Partners, according to an SEC filing.
"We are proud of our operations at Cove Point and are excited for this opportunity to increase our ownership in these world-class facilities. The Cove Point team will continue to focus on providing safe, affordable and reliable service to its valued customers," said Paul Ruppert, president of Berkshire Hathaway Energy.
BHE now operates 5,4000 miles of transmission pipeline in the eastern U.S. with the purchase of Cove Point's natural gas pipeline and LNG terminal in Lusby, Maryland.
Berkshire now has control of one of seven operation facilities in the U.S. that can export LNG, according to Bloomberg.
U.S. natural gas prices are expected to rise as much of the U.S. is forecast to have hotter than usual weather to start the summer season, which should boost cooling demand throughout the country.
The price is expected to rise despite the fact that drillers in Texas have mined near record amounts of gas out of the ground.
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