Historically, the January gas contract has traded above the February contract, indeed for most of the past 4 months January has traded at around a 2p/therm premium. However, this trend has been reversed in recent weeks - again fuelled by Industrial demand expectations. Many believe that Industrialists will take the opportunity to reduce costs and extend site closures well into January. One such gas intensive industry is ammonia production. The price of ammonia has collapsed in recent weeks and will have a significant impact on the indutry's demand for gas. read more ...