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121312008 <br />$6.90/MMBtu to $7.60/MMBtu. The December 2008 NYIv1EX natural gas futures <br />ccantract expired an Navember 24 at 56.888/MMBtu, approximately $0.40/MMBtu <br />higher than the Novemher 2008 contract expiratican price of $6.469/MMBtu. <br />ERCOT balanculg encrgy prices maved aawn in November due ko moderating weather <br />and lawer demand. Shart tt>rm eongestion events cantiriue to keep price vrslatility high. <br />For November, NiCPE in ERCOT prices rangGd frQm a-S35/M1Nh (all zones) up to <br />$1,950JMtNh (Houston zone). <br />Last week's DOE storage artivity update rcported a surprisingly strong withdrawal of <br />66 Bcf for the werk ending November 21, leaviilg storage inventories at 3,422 Bcf (95.2°l0 <br />of the historic high). <br />Future predictions of energy prices are inixcd with some analysts prEdicting lower <br />prices in 2009 in bokh the petroieum ancl electric markets and others preciicting a <br />rebound in prices in bodi these markets. The oil to gas price ratia is now back un the <br />traditional 6 to S times range, suggesfipg natural gas may be suhject ta further <br />dawnwazd pressure if oil prices remain at their current pricing levels. Other parties <br />suggest that oil is oversold at the moment and that a combination of oil prociucCion <br />rutbacks, and antiripated warmer summer in 2009, and a greater reliance on natural gas <br />generation to achieve emissian reductions will put significant upward pressure on <br />natural gas pric es starting this winter. <br />Recent NYMEX 2009 Jan-Dec (12 Mth Annual) Strip Prices <br />MM <br />W <br />~ <br />~ <br />~ <br />$14.00 - <br />$13.00 <br />$12.00 <br />$11.00 <br />$10.00 <br />$9.00 <br />$8.00 <br />$7.00 <br />$6,00 - <br />- <br />$5.00 <br />$4.00 <br />oo~ 001 o~~ 04~ ~ti~ a~~ o~e, 4~~ ooe 04~ ~aw oe <br />40141` <br />Day <br />-Jan-Dec 2009 3trip -Jan-Dec 2010 Strip -Prompt Month PHce <br />The most recent Er10 dav forecast for from thE: Climate PredicHon Center, ankicipates <br />cc>oler than norrnczl weather over ntiost of the rontipental U.S. and nonnal to warmer <br />2 <br />r t ;~(1 f) 183 <br />