Yesterday’s close on the near term contract was $38.60, still a smidgen away from the pre-Christmas low of $35.13.
This weekend I was hearing rumblings regarding gas prices heading back up, although I haven’t personally seen much difference since I last filled up. There’s a price in which it doesn’t pay to explore – a price that’s already being broken (hence so few words lately about opening up the continental shelf and ANWR). But, there’s also a price in which it won’t make much sense to pump anymore.
What’s that price, and what will the equilibrium point be thereafter?
UPDATE: 1/15 – Doesn’t look like anyone has to worry about $35 being a bottom, since a new low of $34.65 was hit this morning.