Thursday, March 29, 2012
The price of natural gas is at a 10-year low after a surprising jump in supplies.
Analysts expecting the nation's supplies to grow last week. But the government says natural gas inventories expanded more than expected following a recent production boom. Supplies are currently 59 percent above the five-year average, and they're expected to keep growing over the next few months.
Natural gas futures plunged by 10 cents, or 4.7 percent, to $2.175 per 1,000 cubic feet in morning trading. Prices fell as low as $2.165 earlier in the day.
Benchmark oil fell by $2.01 to $103.40 per barrel on reports that the U.S. and Europe are considering a release of emergency supplies.
The price of retail gasoline increased by a penny to a national average of $3.921 per gallon.