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Article: Crude prices fall 55 cents; gas futures contract hits all-time high.(New York Mercantile Exchange)
- Article from:
- The Oil Daily
- Article date:
- December 20, 1995
- Author:
CopyrightCOPYRIGHT 1995 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Profit-taking pushed crude prices on the New York Mercantile Exchange (Nymex) sharply lower, while natural gas futures prices soared to all-time highs as the Northeast braced for a severe snowstorm, sources said.
The January crude contract on Nymex plummeted to a daily low of $19/bbl before settling down 55 cents at $19.12 on its last day of trading as the near-month contract.
The February contract settled down 12 cents at $18.99/bbl, with the January/February calendar spread collapsing to 13 cents from 56 cents on Monday's close.
Much of the sell-off in crude and products was technical, as speculative traders cashed in their chips as prices on Monday ...