Finally. The wait is over. The May CME/NYMEX natural gas contract dropped 4.7 cnts to close at $1.984/MMbtu. June was lower by the same amount, closing at $2.105. It is still another 10 year low and another milestone in the onslaught of shale production in the year-of-no-winter. The last time we saw a Natgas futures contract close at this level was Jan 28, 2002. For reference, that was one day before President Bush’s ‘Axis of Evil’ State of the Union speech. Seems like a long time ago.
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