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December 28, 2005
What was that about high natural gas prices?
Remember this post just two weeks ago about natural gas futures contracts settling at an all-time high price over $15 per million British thermal units?
Well, markets have a funny way of reacting to such pinnacles, and the market for natural gas futures has been in a free-fall almost ever since that earlier post. Yesterday, natural-gas futures for January contracts dropped 10% and pushed prices below $11 for the first time on the New York Mercantile Exchange since mid-September before settling at $11.022 per million British thermal units. Prices for January contracts have fallen 23% since Dec. 21 as thin trading and forecasts for mild weather are powerful forces driving the price of contracts downward. Some traders are now predicting that gas-futures prices will fall below $10 after the New Year if above-normal temperatures persist.
Posted by Tom at December 28, 2005 06:19 AM
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