Gas price sets record; now over $14/mmbtu
Jackson Mueller [jwmueller@attglobal.net]
writes that the NYMEX October gas contracts "catapulted to a new
all-time high of over $14/mmbtu Wednesday surprising many who recall"
the $3-4 for NYMEX expiration prices and less than $2/mmbtu for marginal
production cost.
He
advises big buyers.
His
advice?
Mueller
doubts stepped up production will return quickly or that weather will
become remarkably mild as we approach winter, or even that consumer
demand will fall because of record prices.
His
advice is to “hope for the best and plan for the worst.”
What
will winter be like?
We
follow the climate forecasting teams of Weather 2000 in New York
(212-465-2121) and they're forecasting "a harsh, volatile and stormy
winter season.
"Some
states recorded their hottest June ever this summer, and remarkably,
these same locations will have tallied up even more cooling degree days
this September!"
Originally
published in Restructuring
Today on September 30, 2005 |