Wednesday, March 7, 2012
The price of natural gas has dropped to the lowest level in a decade as a mild winter ends with an apparently huge surplus of the fuel on hand.
Natural gas supplies typically drop in the winter as homes and business crank up the heat. But relatively warm temperatures, combined with a boom in production, has left storage facilities bloated with more gas than normal.
The government said last week that supplies were 45 percent larger than average for this time of year.
Natural gas futures fell by 4.5 cents to $2.31 per 1,000 cubic feet in New York. That's the lowest price since Feb. 25, 2002.
U.S. oil prices rose by 93 cents to $105.63 per barrel. Gasoline pump prices fell less than a penny to $3.761 per gallon.