US December natural gas futures were mired in the mid-$3.50s last week after profit-taking in the wake of superstorm Hurricane Sandy, which caused massive power outages that could exacerbate swelling storage inventories (WGI Oct.31' 12). Early this week, fewer than 1 million homes and businesses in six Northeast states were still without power. While that's sharply down from the 8.2 million customers at the storm's peak, it only served to focus attention on the other key fundamental driving down prices — a glut of natural gas in storage, which cruised to a record high last week.
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