In response to recent mild temperatures and tame storagewithdrawals, natural gas spot prices are expected to fall further,possibly as low as $5.50/MMBtu by the next reported index,according to analysts with UBS Warburg. The level is far below the$7.00 mark the firm predicted in January.
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August Prices Up on Storage, Heat, Screen Data
The recent running of the bulls in Pamplona, Spain, seems prettytame compared to the stampede developing in the gas market. It wasa more hectic Nymex closing day than usual Wednesday as a mildincrease in the last day of trading August futures was accompaniedby what one source called a “pitiful” little AGA storage injectionreport, Michigan electric utilities appealing a day in advance forenergy conservation, a skyrocketing Access session and higher Julyswing numbers. All in all, it added up to an extremely strongmarket that “there doesn’t seem to be any way of stopping,” a Texasmarketer said.
July 29, 1999
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