Energy Prices Continue Falling As Investors Take Profits
MARKETSCOPE : Energy prices fell on Thursday, as investors continued taking profits after a recent rally.
January natural gas futures plunged 90 cents to $13.78, after having surged over the $15 level in recent sessions. Prices continued falling in spite of an Energy Information Agency report that working gas in storage plunged more than expected 202 billion cubic feet to 2,964 Bcf in the week ended Dec. 9.
Forecasters say cold weather is to last through Dec. 24 from the Gulf Coast to the Midwest and the Northeast, but it could warm up a bit in the first quarter of 2006.
January West Texas Intermediate crude oil fell 86 cents to $59.99, January heating oil futures were off 5.77 cents to 178.73 cents, and January gasoline futures lost 2.39 cents to price at 161.68 cents.