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For those that hedged natural gas prices and then got burned by the commodities bubble bursting in 2008, don't feel so bad. There is significant contango in the natural gas forwards curve out to 2011 or so. Prices should rebound.
We don't import much natural gas from the middle east, if any. However, LNG terminals are being build in the U.S. as well - so this may very well change down the road. Qatar, for one, sits on absolutely vast natural gas reserves that are primarily sold into the global markets in the form of LNG.
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