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December 27, 2005
Natural Gas Prices are Down 23% in the Last Three Days
From Bloomberg:
Natural gas plunged for a third day in New York as warmer-than-normal weather slashed demand for the furnace fuel.
"The long-range forecast is for more warm weather," said Michael Rose, director of the trading desk at Angus Jackson Inc. in Fort Lauderdale, Florida. "There's no doubt about it. When it's cold in New York, the prices go higher, and when it's warmer, prices go lower."
U.S. heating demand will run 30 percent below normal for the next week and 22 percent below normal from Jan. 2 to Jan. 6, according to Weather Derivatives, a Belton, Missouri-based forecaster. New York will have a low tomorrow night of 41 degrees Fahrenheit (5 Celsius), the National Weather Service said. That's 13 degrees above normal.
Gas for January delivery fell $1.213, or 9.9 percent, to $11.07 per million British thermal units as of 12:29 p.m. on the New York Mercantile Exchange. It was the biggest fluctuation of any commodity today. Gas prices are down 30 percent from a record $15.78 per million Btu on Dec. 13.
Posted by edelfenbein at December 27, 2005 1:43 PM
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