Natural gas prices rise to record : LUSENET : TB2K spinoff uncensored : One Thread

Natural gas prices rise to record

-- Cave Man (, June 27, 2000


AND.......the 2001 futures are ONLY 1/3 less in the mid-30s. Another inverted market.

BUT NG at high prices is "great". For TEXAS. We have it. YOU don't. The Citizens and the State of Texas wishes to thank you all. Keep your furnaces going on high next winter. Maybe the long term futures will catch up.

-- cpr (, June 27, 2000.

Is this CPR fellow the same one that said Y2K would be a 7.0? Now he's trying to tell us the price of gas is going down?

Is he related to Gary North?

-- LOL (ha@ha.ha), June 27, 2000.

It looks like the 'Emergency allocation authority' maybe invoked this winter.

Emergency allocation authority

-- Cave Man (, June 27, 2000.

Another inverted market. ... Maybe the long term futures will catch up.

This cannot be true. According to world-renowned commodity futures expert CPR,


(emphasis added)

I rest my case.

-- Sergeant Friday (just.the@facts.maam), June 27, 2000.

June 27, 2000

DOW JONES BUSINESS NEWS Natural Gas Futures Surge To Record High

NEW YORK -- Natural-gas futures jumped to record levels Tuesday, in turn spawning a rally in heating oil, which utilities can use as a substitute for natural gas. The rally in heating oil helped crude oil recover from earlier weakness.

Shortly before 3 p.m. at the New York Mercantile Exchange, July natural gas was up 8.5 cents, or 1.9%, to $4.645 per million BTUs. Earlier, the July contract hit an all-time high of $4.715.

July heating oil rallied 2.52 cents, or 3%, to trade at 82.60 cents a gallon after falling one-half cent Monday.

August crude was up 61 cents, or 1.9%, at $32.24 a barrel after dropping 62 cents Monday. September crude gained 66 cents, or 2.2%, to $31.07 a barrel after losing 44 cents Monday.

July gasoline gained 1.73 cents, or 1.6%, to $1.0690 a gallon after losing nearly three cents the previous session.

Early predictions for Wednesday's American Gas Association storage report are for a build of 65 billion cubic feet to 70 billion cubic feet, well below year-ago numbers and the five-year average of 91 billion cubic feet.

"This market continues to act the way it should," said a Houston natural-gas trader. He called the $4.75 area "a line in the sand" for resistance. "The higher the market goes, the higher it can go."

Crude and products futures started out the session moving sharply lower, in what appeared to be a technical correction. July gasoline futures set an intraday low of $1.0310 a gallon, a loss of just over two cents, while August crude dropped as low as $31.06 a barrel, down 56 cents.

But heating-oil futures rallied, bolstered by the record-high natural gas prices as traders priced in expectations of greater demand by utilities for distillates. Some utilities can use distillates as an alternative fuel. And with natural-gas futures trading at record highs, distillates have become economically more attractive for some utilities. .html

-- Cave Man (, June 27, 2000.

"Through there really are no comprehensive figures, many analysts believe that U.S. production has fallen between 3% and 5% over the last two years while demand for gas has been rising, Gas Market Report said."Link

Sheesh they're not sure what production is doing. All these new electric power plants may want to think twice about using natural gas.

-- Cave Man (, June 27, 2000.

Moderation questions? read the FAQ