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[QUOTE]Originally posted by Jo4321: [QB] Okay, I guess I'm answering my own question above. The spike last year was due to Hurricane Katrina. Here's a related story. [URL=http://msnbc.msn.com/id/14156955/]Natural gas prices jump with temperature[/URL] Updated: 7:48 p.m. ET Aug 2, 2006 Associated Press NEW YORK - Millions of sweaty Americans have been cranking their air conditioners to full blast, causing traders to bid up the price of electric companies’ lifeblood: natural gas. The commodity, now up more than 8 percent this week, has been as hot as a city sidewalk. Though temperatures are expected to moderate soon, natural gas prices have the potential to climb higher if the weather gets steamy again or if the Gulf Coast — which accounts for about a quarter of U.S. natural gas production — falls in the path of a hurricane. And if prices stay high, even folks who are trying to conserve energy could eventually see hikes in their monthly electric bill. “If higher prices are sustained at wholesale level, over time, they’ll filter into the customer’s rates,” said Jim Owen, a spokesman for the Edison Electric Institute, a Washington-based trade group. He noted, though, that utility costs depend on state regulations and whether the company is already locked into a long-term natural gas contract. Natural gas futures surged 14 percent to a near 6-month high on Monday, pulled back about 8 percent on Tuesday, then rose again Wednesday. “The volatility has been spectacular,” said Fimat USA analyst John Kilduff. He added that while prices have been “a little overblown,” they could rise further if Thursday’s natural gas inventory report shows a drop, or if Tropical Storm Chris turns into a hurricane as expected and heads toward the Gulf Coast. [/QB][/QUOTE]
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