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Message: Natural Gas Rigs Shutting Means Prices May Double (Update3)

Natural Gas Rigs Shutting Means Prices May Double (Update3)

posted on Mar 16, 2009 08:29AM

http://www.bloomberg.com/apps/news?p...

About 45 percent of U.S. rigs have been shut since September, which means fourth-quarter gas production will tumble 5.2 percent, faster than the 1.9 percent decline in use, the Energy Department forecast. Prices will rise to $7 per million British thermal units by January from $3.824 today on the New York Mercantile Exchange, according to a Bloomberg News survey of 20 analysts. The gain would be the largest since the first half of 2008.

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