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Natural gas surged 4.5% today to close at $2.30 on a government report showing production levels dropped in February.Production fell 0.6 per cent from a record high in January, according to a new report from the Energy Information Administration.
Earlier this month, the energy commodity sank below $2.
Natgas players including Cabot, Chesapeake, EQT and Range Resources all pulled higher.
Prices were further advanced on news that legendary oil distributor Sunoco had been purchased by Energy Transfer Partners for $5.6 billion. Sunoco shares ended the day up 20%.
Investment legends Jeff Gundlach, Hugh Hendry, and Sean Corrigan all had bullish things things to say about the commodity in the last week.