Traders piled into a frothy rally in the natural gas markets Tuesday, sending the price of the energy commodity to 2012 highs and seemingly hoping to turn a quick profit with a highly volatile trade before the market's momentum shifts.
Natural gas futures, which had reached levels so low back in April that they made extraction unprofitable for most producers, reached a 2012 high of $3.166 per million British thermal units during trading in the New York Mercantile Exchange Tuesday. Those futures were going for $3.134, up 0.8 percent from the previous day's settlement price, in mid-afternoon trading. Tuesday's price momentum came after a massive run-up from mid-June, when gas futures traded below $2.25 during several sessions. The rally has intensified over the past two weeks, with prices coming up more than 14 percent from levels near $2.75 just 6 sessions ago.
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