Hedge Fund Bets Millions Natural Gas Price Will Rise, FT Says

Source: Bloomberg

Aug. 20 (Bloomberg) -- A hedge fund, whose name isn't disclosed, has placed a large bet that natural gas prices will triple by the Northern Hemisphere winter just as the price of the commodity slides to a seven-year low, the Financial Times reported, which cited New York Mercantile Exchange traders. Last week, the fund spent millions for the right to buy U.S. natural gas at $10 per million British thermal units in January and February, up from yesterday's spot level of just above $3 per mBtu, according to the report. Last Updated: August 19, 2009 21:06 EDT

Well... holy poop
Here we go again; those god darned speculants are at it again and will see to it that a lot of people will go cold this winter.
A big part of Europe, including poorer areas, uses natural gas for heating and cooking and if prices tripple, it will restrict the availability of money for other necessities. I don't know about the situation in the USA, do you guys rely on natural gas or do you use different methods?

From the looks of it, this isn't an issue of supply and demand but one of pure speculation and greed. About time to clean the house and get rid of those gangsters.

reply to post by Swordbeast

Star and Flag for ya !

Cap n' Tax passed, it is soooooo gonna rise.

It is a sure thing unless some surprise comes along to change it.

[edit on 20-8-2009 by Ex_MislTech]

We use a LOT of natural gas to heat homes where I'm from (Oklahoma) but we're also the 2nd largest producer of natty gas in the US, so I'm not too worried about it...

BUT, now would be a good time to invest in natty gas companies across the pond and make some money on this manufactured crisis.

Originally posted by midnightbrigade
We use a LOT of natural gas to heat homes where I'm from (Oklahoma) but we're also the 2nd largest producer of natty gas in the US, so I'm not too worried about it...

BUT, now would be a good time to invest in natty gas companies across the pond and make some money on this manufactured crisis.

It is all a sham if the prices go up. I personally can account for at least 200 drilling rigs that are stacked out in my area of Oklahoma. If they want the prices down then all they have to do is drill again. That would make many people very happy.

reply to post by LeaderOfProgress


Drilling more won't keep the price down; this is clearly not an issue of "supply and demand" but one of gambling with other peoples money.

reply to post by LeaderOfProgress


Heh, I had no idea that you were an okie...I wondered why I agreed with you so much...

BTW, little off topic, did you hear that "Do you realize" by the Flaming Lips is our new OFFICIAL rock song? I find that odd, being that it's about a heroin addict trying to get off heroin.



Is anyone in our state rich enough to have a heroin problem?



[edit on 20-8-2009 by midnightbrigade]

LOL, not any one I know. A quick list of companies that have at least 90 percent of thier drilling rigs stacked out in Western Oklahoma would be:

Unit
Cactus
Nabors
Chesapeak
BJ
Nomak
Haliburton

Companies directly connect to oil field production who have cut down almost 90 percent of work force due to lack of drilling:

Cudd
IPS
Bobcat
Great White
Redman
Patterson
Pruitt
Weatherford
Mudtrans

These two lists are by no means complete but at least show the devestation that Oklahoma is feeling. This is 10's of thousands of jobs lost. Higher priced natural gas will hurt everyone. So by putting these companies back into production two key things will occur. One, lower the winter fuel prices. Two, provide much needed jobs, thus boosting local economies. When the oil field produces everyone accross the US benifits.

If these companies are not up and running again when the prices start to rise it will be because TPTB are preventing them for some selfish reason. Maybe to boost hedge funds? I would be curious to see who is holding hedgies on natural gas, it might just show a smoking gun in the manipulation buisness of our government.

High oil prices is always good. Less pollution. Less agressive driving = fewer accidents.

Less traveling. Nature trails can breath again.

More suffering = more interesting character



Skin those animals now so y'all have heat this winter.

Animal fur = always fabulous

Animal Meat = always yummy.

Later, toodles.

Originally posted by midnightbrigade
reply to post by LeaderOfProgress

 

Heh, I had no idea that you were an okie...I wondered why I agreed with you so much...

BTW, little off topic, did you hear that "Do you realize" by the Flaming Lips

is our new OFFICIAL rock song? I find that odd, being that it's about a heroin addict trying to get off heroin.



Is anyone in our state rich enough to have a heroin problem?

Hang out around the corrupt politicians and oil field barons
and you will have your answer.

Not all but some have party girl friends they take care of.

The more money they get the more expensive their toys.

Oklahoma ranked 13th most corrupt state

We are finally out of the top 10 most corrupt states.

I feel almost like celebrating.