Gas market hunts bottom

09/11/2006
For the first time in 6 weeks, the front-month natural gas futures contract fell below $6/MMbtu in interday trading Aug. 31 on the New York Mercantile Exchange, despite a “relatively bullish” lower-than-expected injection of 48 bcf of gas into US storage in the week ended Aug. 25.The October gas contract closed at $6.05/MMbtu, down 24.2¢, after trading as low as $5.97/MMbtu. It dropped below the $6 mark again in early trading Sept. 1 as Tropical Storm Ernesto dissipated along the East Coast without seriously threatening offshore oil and gas production in the Gulf of Mexico.The gas price also was pulled down by forecasts of moderate weather. “The warm weather trend c...
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