December freeze spurs US gas demand, sky-high prices

US natural gas prices continue to hover near a jaw-dropping level of $10/Mcf in light of a surge in demand-amid low inventories-that was spawned by frigid weather in December.The January contract for natural gas handily topped $9.80/Mcf on the New York Mercantile Exchange for much of last week. And expectations are that natural gas prices are far from having found their ceiling yet.The price spike comes in the face of an unusually cold winter that has drained gas storage 23% below the mid-December average level for the last 5 years.With cold weather continuing throughout key market areas in the US Midwest and East, some analysts now speculate that the US may exhaust its total gas storage ...

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