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Natural Gas Drops Most in 3 Years on Forecasts of Warmer Weather - Bloomberg

Natural gas futures in New York tumbled the most in more than three years on forecasts of moderating temperatures that may reduce demand for the power- plant fuel.

Gas dropped as much as 9 percent after Commodity Weather Group LLC in Bethesda, Maryland, said colder-than-average weather in most of the lower-48 states this week would give way to above-normal temperatures from Jan. 7 through Jan. 11. The low in New York on Jan. 9 may be 38 degrees Fahrenheit (3 Celsius), 11 higher than usual, according to AccuWeather Inc.

"We're going to see some warm weather across the primary gas-consuming regions," said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. "As we get into the new year without signs of sustained cold weather, the fundamental picture is going to force us lower."

Natural gas for February delivery fell 15.8 cents, or 4.7 percent, to $3.193 per million British thermal units at 12:33 p.m. on the New York Mercantile Exchange. The intraday percentage decline was the most since Sept. 11, 2009. The futures have risen 6.8 percent from a year ago. Trading volume was up 16 percent from the 100-day average at 10:15 a.m.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Wed Jan 2nd, 2013 at 02:13:12 PM EST
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