Natural gas prices dropped yesterday, seemingly unaffected by a pricing dispute between Russia's state-run gas monopoly and Ukraine. The price of natural gas dropped 46.5 cents to $10.76 per thousand cu. ft. on the New York Mercantile Exchange in Asian electronic trading, early afternoon in Singapore. Speaking to the Associated Press, an analyst said Russian state-controlled OAO Gazprom's efforts to restore gas flow after the dispute had helped ease upward pressure on prices.
The dispute occurred when Ukraine failed to meet Gazprom's demand for a four-fold price increase, and resulted in Gazprom's temporary disruption of the flow of natural gas to Ukraine. About one-quarter of Europe's gas comes from Russia through Ukraine, and the standoff raised fears of gas shortages.
Natural Gas Prices Drop, Despite Russian Dispute
Natural gas prices dropped yesterday, seemingly unaffected by a pricing dispute between Russia's state-run gas monopoly and Ukraine.
Jan 3, 2006
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