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Natural Gas Jumps to Record Price in Year

November 14, 2012 at 1:18 by Vladimir Vyun

Natural gas climbed to the highest level in a year on forecast that US inventories will shrink. According to analysts’ prediction, tomorrow’s government report may show decline by 15 billion cubic feet. That would be the earliest seasonal drop of stockpiles since 2007.

Demand will likely rise on the forecast of colder-than-normal winter. At the same time, the Energy Department cut its production forecast.

Futures for delivery of natural gas in December jumped as much as $0.169 (4.7 percent) to $3.739 per million British thermal units on NYMEX. That was the biggest gain in six weeks.

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