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Energy prices increased substantially in 1999 as the nations participating on the Organization of Oil Exporting Countries (OPEC) agreed to production cuts. As those production cuts moved closer to targeted values, prices for all energy products increased. The U.S. Energy Information Agency reported that in September 1999 dry natural gas production in the U.S. was 1.55 trillion cubic feet. That was down 3 percent from the previous month but about the same as a year ago. In the January-September 1999 period, dry natural gas production was 14 trillion cubic feet, down 1 percent from the same period in 1998. For all of 1998, dry natural gas production was 18.9 trillion cubic feet. Net imports of dry natural gas in September 1999 were 281 billion cubic feet, down 2 percent from the previous month but 12 percent more than a year earlier. In the January-September 1999 period, net imports were 2.47 trillion cubic feet, up 11 percent from a year earlier. For all of 1998, net imports were 2.99 trillion cubic feet. U.S. consumption of dry natural gas in September 1999 was 1.45 trillion cubic feet, down 7 percent from August 1999 and 2 percent less than a year earlier. For the first nine months of 1999, dry natural gas consumption was 16.1 trillion cubic feet while for all of 1998 it was 21.3 trillion cubic feet. Gross withdrawals of natural gas in July 1999 were 2 billion cubic feet, up 1 percent from the previous month and 1 percent less than the year before. For all of 1998, gross withdrawals of natural gas were 24.3 trillion cubic feet. Natural gas repressuring in July 1999 was 286 billion cubic feet, down 1 percent from the previous month and down 3 percent from the year before. For all of 1998, natural gas repressuring was 3.68 trillion cubic feet. Nonhydrocarbon gases removed in July 1999 were 44 billion cubic feet, down 2 percent from the year before. For all of 1998, nonhydrocarbon gases removed totaled 531 billion cubic feet. Vented and flared natural gas in July 1999 totaled 22 billion cubic feet, down 4 percent from the previous year. For all of 1998, vented and flared natural gas was 261 billion cubic feet. Marketed production of natural gas in September 1999 was 1.63 trillion cubic feet, down 3 percent from the previous month. In the first nine months of 1999, marketed production of natural gas was 14.69 trillion cubic feet, down 1 percent from the same period in 1998. For all of 1998, marketed production was 19.82 trillion cubic feet. U.S. imports of natural gas in July 1999 were 288 billion cubic feet. In the January-July 1999 period, imports were 2 trillion cubic feet while for all of 1998 they were 3.15 trillion cubic feet. The largest supplier of natural gas to the U.S. is Canada. Futures Markets Natural gas futures and options are traded on the New York Mercantile Exchange (NYMEX) and the Kansas City Board of Trade (KCBT). Futures are traded on the International Petroleum Exchange (IPE).

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Excerpted from the CRB Commodity Yearbook.