Tuesday, December 29, 2009

Natural Gas Price Up Yesterday

12/28/2009 6:02 PM ET

(RTTNews) - Natural gas prices continued to extend a yearly high on Monday on optimism of strong demand.

January natural gas settled at $5.99 per million British thermal units, up 34.7 cents on the session.

Holiday shopping showed a modest increase this year, according to the MasterCard Advisors' SpendingPulse report, which tracks national retail and service sales. The report showed year-over-year growth in the period between Black Friday and Christmas Eve in all sectors measured. Retail stocks are seeing some strength following the report.The dollar was little moved near a 12-day low versus the euro. The dollar had dropped off a 3 1/2-month high last week. The buck also drifted lower versus the pound and remained range-bound with the sterling.

Natural gas prices posted strong gains last week. The Energy Information Administration reported on Thursday that natural gas stockpiles fell 166 billion cubic feet in the week ended December 18. Working gas in storage dropped to 3.4 billion cubic feet.

Light sweet crude for February rose to $78.77 per barrel, up 72 cents on the session. Prices earlier hit as high as $79.12.

by RTT Staff Writer

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