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Natural Gas Prices Rise 4 Percent; Oil Drops

Thursday, May 3, 2012

Natural gas prices are up 4 percent after the government said supplies grew less than expected last week.

The futures price added 9.2 cents to $2.345 per 1,000 cubic feet in New York.

Prices are rebounding from 10-year lows as supplies fall closer in line with average levels for this time of year. The government's latest supply report says U.S. natural gas supplies rose by 28 billion cubic feet last week, below the 30-34 billion cubic feet that analysts had expected.

Meanwhile, oil prices fell after the New York Mercantile Exchange made it more expensive for some traders to buy commodity contracts. Benchmark crude dropped $2.25 to $102.97 per barrel while Brent crude lost $1.43 to $116.77 per barrel in London.

Retail gasoline prices were flat at $3.80 per gallon.