Natural Gas Prices Hits Another 10-Year Low
NEW YORK (AP) — The price of natural gas has dropped to the lowest level in a decade as U.S. supplies continue to grow.
Natural gas futures fell 3 cents to $1.919 per 1,000 cubic feet in New York. The price was at $1.915 earlier, the lowest since Jan. 28, 2002.
Prices declined after the Energy Information Administration reported that supplies grew by 25 billion cubic feet last week, putting the nation’s supply level at 58 percent above the five-year average.
Meanwhile, benchmark crude prices rose 1 cent to $102.68 per barrel, while Brent crude rose by 64 cents to $118.61 per barrel.
Retail gasoline prices fell for a third day to a national average of $3.891 per gallon. Pump prices have dropped 4.5 cents over the last two weeks.