US natural gas prices whipsawed on Tuesday, topping levels last traded during a historic commodity price boom in 2008, before changing course to fall on news that a large exporter of the fuel would remain closed for longer than expected.
The price moves were reminders of the notorious volatility of the gas market. Even after the late decline, prices remained at levels last hit before shale drilling ushered in a decade of plentiful supplies.
The shale bounty led to the construction of coastal terminals to export liquefied natural gas, a reversal of plans for LNG imports made when US prices were higher.
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