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After tanking 32% in 2011, natural gas is already down 22.42% in 2012. It had a 3 handle just a few days ago, and now traders are already talking about a 1 handle.

On Tuesday, the commodity broke below its financial crisis low of 2.50, and it has fallen down to 2.30 over the past two days. It hasn't been this low since February 25th, 2002.

The two charts below illustrate the plunge well: