Word that some deep-pocketed hedge fund put on 12,000 December 3 put options-a 4.5 million bet that gas futures will dip to 3/MMBtu before the worst is over-shocked the market three weeks ago(NGW Jan.l9,p2).But now it's looking uncannily farsighted.While this has been one of the coldest winters in years,it has yet to produce a 200 billion-plus cubic foot storage draw,a feat last seen in the record-warm winter of 2005-06.
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