| Subject: "Bush did it." |
Author:
Curm as liberal
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Date Posted: 16:59:13 01/24/07 Wed
In reply to:
larry
's message, "cold weather expected to hit the U.S. Midwest" on 02:41:57 01/24/07 Wed
>oh gee the coldest weather to hit and longer than
>expected.
>
>
>
>href="http://wiadomosci.onet.pl/1471308%2C10%2C1%2C0%2C
>120%2C686%2Citem.html">http://wiadomosci.onet.pl/147130
>8%2C10%2C1%2C0%2C120%2C686%2Citem.html
>
>CALGARY (Dow Jones)--Natural gas futures rose Tuesday,
>with traders covering positions on forecasts of
>persisting cold winter in the U.S. Midwest, likely
>increasing demand for gas as heating fuel.
>Front-month February natural gas futures on the New
>York Mercantile Exchange settled at $7.597 a million
>British thermal units, up 27.8 cents.
>
>The last time the market closed higher was Dec. 14 at
>$7.673/MMBtu. Weather forecasts released Thursday
>suggested that the cold weather expected to hit the
>U.S. Midwest between Jan. 28 and Feb. 1 will now
>persist longer than previously expected. One model run
>by meteorologists at MDA's EarthSat Weather Group in
>Rockville, Md., forecasts "the coldest outbreak in
>years" for large parts of the U.S. between Feb. 2-6.
>
>The expectations were bringing strength to the gas
>market, which could test $8.00/MMBtu in coming days,
>said Jim Ritterbusch, president of Ritterbusch &
>Associates in Galena, Ill.
>
>"The market will remain bullish in the near term until
>there's some evidence that the stubborn cold will
>shift," he said. "Until we get that, the price will
>hold up pretty well."
>
>Meanwhile, private forecasters WSI Corp in Andover,
>Mass., predicted that temperatures from February
>through April will be warmer than normal. However, WSI
>said it would revise its forecast by week's because of
>the expected low temperatures in early February.
>
>As well as the weather concerns, strength in the
>physical gas market is supporting the front end of the
>gas futures curve, while some strength is also
>spilling over into gas from crude futures, said a
>Calgary-based trader. Front-month crude futures
>settled at $55.04 a barrel, rising on cold weather and
>violence in Nigeria, after dropping to a 20-month low
>of less than $50 a barrel last week.
>
>"Weather is the key to the strength in the gas market,
>but crude is having a little bit of an effect too," he
>said.
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