_Economy and Finance

SG Commodities Review: US Natural Gas Laurent Key 2013.03.20 ■ SG research’s Cal 13 price forecast was revised 20 cents higher vs last quarter at $3.70, due to the bullish withdrawals experienced at the end of the winter.

2013 Outlook Commodities Review US Natural Gas Laurent Key Key points ■ The US natural gas forward curve is, in our opinion, well priced for the start of the winter but too expensive from March to the rest of 2013. Cal 13 price forecast is $3.52/MMbtu, 40 cents below the current curve.