Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: GREENLAW4-7 who wrote (5782)	1/1/2002 11:26:21 PM
From: Winkman777	Respond to of 206323

Weather sends gas price tumbling Fuel finishes year down almost 75% Bloomberg Business News NEW YORK -- Natural gas futures fell more than 7 percent Monday, leaving prices down by nearly three-fourths for 2001, after forecasts for a break in a cold spell that has boosted demand in the largest U.S. markets for gas heat. Temperatures will climb 5 to 15 degrees Fahrenheit over the next week in the Midwest and Northeast, according to Meteorlogix, a forecasting firm based in Massachusetts. Prices jumped 6 percent Friday on forecasts that below-normal temperatures in the two regions, which account for about 60 percent of the nation's residential gas consumption, would last through January. "The market got a little overexuberant at the first signs of cold weather," said Phil Flynn, senior market analyst at Alaron Trading Corp. in Chicago. "The reality is, we still have a lot of supplies, and temperatures would have to be 7 degrees below normal through March to make much of a difference." Natural gas for February delivery fell 20.4 cents, or 7.4 percent, to $2.57 per thousand cubic feet on the New York Mercantile Exchange. The market will be closed today for New Year's Day. Prices plunged 74 percent in 2001 as a slowing economy and mild weather led to a 4.4 percent reduction in U.S. demand, according to Energy Department figures. The price drop was the worst in the 10-year history of the futures contract. U.S. production rose 2.6 percent after 2000's quadrupling in prices prompted a surge in drilling and exploration by producers in such places as the Gulf of Mexico, Texas and the Rocky Mountains. As a result, gas utilities and other suppliers were able to stow away gas in underground reservoirs at a record pace for most of the year. U.S. gas inventories stood at 2.98 trillion cubic feet as of Dec. 21, 54 percent more than year-earlier levels, according to the American Gas Association.