Natural gas prices of $6.50 to $8 per million Btu in an especially hot summer and more than $10 in a particularly cold winter may be in the future, according to Daniel Yergin, chairman of Cambridge Energy Research Associates (CERA). Yergin spoke recently to Congress' Joint Economic Committee. "This is exactly what Hurricane Ivan has done," he added. Gas futures on Nymex for this winter were higher than $8 per million Btu at press time. "Prices for the next three to four years are expected by CERA to exceed $5 per million Btu, more than double the levels of just a few years ago," he said. "...It is important to understand that producers have limited ability to significantly increase gas production in the near term without access to new sources and new areas." -Petroleum Finance Week
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