Gas market hiatus leads to $10.73/mmbtu at NYMEX

The worst seems to have passed with Hurricane Katrina, writes Jackson Mueller [jwmueller@attglobal.net].
     Trading had been halted at NYMEX then trading started up at $10.73/mmbtu for September contracts in part because light crude oil was trading at $66.60/barrel and that works out to $10.74/mmbtu, for October.
     NYMEX called the trading interruption a force majeure. It was the last day of trading for September.
     Light crude for October at NYMEX rose $2.12 to $68.25/barrel ($11/mmbtu).
     Gas was going for $11.45/mmbtu for September 2005 contracts when trading was halted, and that was up $1.658/mmbtu.
     The NYMEX hadn't released information on this subject at www.nymex.com/index.aspx
     (Click here to see table)
     Originally published in Restructuring Today on August 30, 2005