Gas tests $8/MMbtu

05/14/2007
The June natural gas contract briefly pushed past $8/MMbtu May 3-4 in a rally by hedge-fund investors that forced traders to cover short positions on the New York market. The contract touched $8/MMbtu before it closed at $7.95/MMbtu May 3, up 21.7¢ for the day on the New York Mercantile Exchange. It climbed as high as $8.11/MMbtu May 4, before settling at $7.94/MMbtu. On the US spot market, however, gas at Henry Hub, La., lost 7¢ to $7.55/MMbtu May 3 and remained unchanged May 4.“Futures prices through October were up 20¢ or more as hedge funds went on a calculated buying spree, forcing traders out of short positions ahead of rapidly increasing prices, which perpetuat...
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