Reply #3: Huntsman Sr. fears traders manipulating natural gas

[54anickel]

http://deseretnews.com/dn/view/0,1249,635167692,00.html

Jon M. Huntsman Sr. is again raising allegations that traders on the New York Mercantile Exchange are manipulating natural gas prices, squeezing American industries and consumers.

Huntsman, founder and chairman of Salt Lake-based Huntsman Corp., said Friday that skyrocketing natural gas prices spell disaster for businesses, farmers and the 55 percent of U.S. consumers who heat their homes with natural gas.

On Friday, natural gas prices for January delivery jumped as much as 3.5 percent, reaching $15.52 per million British thermal units on the New York Mercantile Exchange, the highest since trading began on NYMEX, according to Bloomberg News.

"The traders and speculators will tell you these ridiculously high prices are simply the result of supply and demand. Nonsense," Huntsman said in a prepared statement. "There is no shortage of natural gas, and demand is no greater than it has been for several years. Further, inventories are at near-record levels."

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