North American short-term gas prices continued to rise last week as cold weather once again drove demand, while withdrawals from storage exceeded expectations for the second successive week.
The prompt Henry Hub contract reached a new high for 2013 on Thursday when storage inventories were announced. The $4.40/MMBtu settlement was the highest closing value for the front-month product since July 2011, although a $0.05/MMBtu fall during Friday’s session left January 2014 $0.24/MMBtu higher week on week.
It was the sixth week in succession the Henry Hub had...
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