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US natgas prices drop 5% from 2-year high on milder late Jan weather forecasts
U.S. natural gas futures dropped about 5% on Friday from a two-year high in the prior session on forecasts for milder weather in late January and early February that should cut demand for gas for heating. This weekend, however, extreme cold weather over the Martin Luther King Jr. and Inauguration Day holidays was on track to cut output by freezing gas wells and pipes and boost usage of the fuel to heat homes and businesses to record highs. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 22.7 cents, or 5.3%, to $4.031 per million British thermal units at 8:45 a.m. EST (1345 GMT). ... (full story)