Weather drives natural gas prices at yearend

Weather drove energy prices in the final days of 2005, with the front-month natural gas futures contract dropping just before the Christmas holiday to the lowest point since November on the New York market.Speculators at first ignored US Weather Bureau forecasts for warmer weather in late December as the January natural gas contract jumped by 41¢ to $14.04/MMbtu Dec. 19 at the start of that trading week. In fact, it was the only front-month energy commodity to post a gain that day, “as short-covering by [investment] funds drove the market higher even with forecasts for milder weather,” said analysts at Enerfax Daily.Natural gas inched up to $14.08/MMbtu in light trading i...

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