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Finally! We knew it would happen sooner or later. We committed to stop reporting on the price of natural gas unless and until the NYMEX went over $3/MMBtu and stayed there, which happened last week. The front-month NYMEX natural gas contract was close to $3 last Wednesday, closing at $2.99. On Thursday, the price closed at $3.19. Then last Friday, the price soared to $3.34. Bear in mind that all of this upward price action happened before the weekend terrorist attack by Hamas in Israel. Wars tend to upset many different markets, especially wars in the Middle East (and their effect on energy markets). However, yesterday, the price of NYMEX natgas went up another 4 cents to close at $3.38. So far this morning, the price is up even more. Will the price stay above $3 now? And is the NYMEX affecting the regional spot price in the M-U?
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