US natural gas price projections continue to plummet

Forecasts of US natural gas prices continue to slide.Near-month futures contract prices dipped below $3/Mcf for the first time in over a year, on July 19 on the New York Mercantile Exchange. The August contract for natural gas dropped 14.8¢ to $2.94/Mcf on the NYMEX. The last time a near-term natural gas contract closed below $3/Mcf was for April 2000 delivery (OGJ Online, July 17, 2001).Raymond James & Associates Inc., St. Peters burg, Fla., cut its third quarter forecast July 23 to $2.75/Mcf from $3.25/Mcf, its fourth quarter estimate to $2.50/Mcf from $3.50/Mcf, and for the full year 2002 to $3.50/Mcf from $4/Mcf.In an investment note, RJA chief gas analyst Marshall Adkins said, "...

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