US gas market a two-headed llama?

Well, so much for the idea of a $5/Mcf price floor for natural gas this year.But don't start taking bets on $2-3/Mcf just yet. While some may have panicked when US composite spot gas prices dipped to the year's low of $4.52/Mcf for the week ended Aug. 1, that panic was premature. By the end of the following week, spot prices had topped $5/Mcf. The price rise stemmed largely from a US Department of Energy report that injection into storage had totaled a mere 74 bcf. That was a continuation of several weeks of slackening from what had been a torrid pace throughout much of the injection season. But the bulls' resulting glee may be a bit premature as well.There are a number of con...

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