After rebounding early in the week on word that companies were cutting production, natural gas prices fell to a 10-year low on a report of a supply glut.

Natural-gas futures fell to a 10-year low Thursday after the Energy Information Administration’s latest report showed the U.S. has 3.1 trillion cubic feet of natural gas in storage. That level, according to the AP, is 21.4 percent higher than the five-year average. Prices are likely to decline more on forecasts that the winter will remain unusually warm.

Prices dropped 12 cents, or 4.5 percent, to end at $2.60 per 1,000 cubic feet in New York, according to the AP. The drop came just as natural gas had rebounded by about 17 percent from a decade of depressed pricing. The uptick came on the heels of announcements by major energy companies Chesapeake Energy Corp. and ConocoPhillips that they would cut natural gas production by about 600 million cubic feet per day, and Consol Energy said Thursday that it will set aside plans to drill 23 wells in the gas-rich Marcellus Shale region in the eastern U.S.

The decline, noted the AP, is good news for consumers:

Natural gas is used for heating in more than half of U.S. homes and many utilities also burn natural gas to generate electricity. So falling prices should eventually mean lower bills for many consumers.

Read the AP story here.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

Loading
Chart
ABiz Stock Watch
o Home Bancorp 22.18 ▼0.18 (-0.81%)
o Frank's International 23.20 ▲0.23 (1.00%)
o IberiaBank Corp 66.27 ▲0.06 (0.09%)
o LHC Group 21.69 ▲0.09 (0.42%)
o MidSouth Bancorp 19.57 ▲0.10 (0.51%)
o Petroquest Energy 6.78 ▲0.03 (0.44%)
o PHI Inc. 38.04 0.00 (0.00%)
o Superior Energy 34.55 0.00 (0.00%)
o Stone Energy 39.14 ▼0.37 (-0.94%)
o Teche Holding 71.82 (%)
o Facebook Inc. 74.64 ▲0.93 (1.26%)
o Twitter Inc. 46.69 ▲8.10 (20.99%)
o Gannett 33.58 ▲0.20 (0.60%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:22.18 Trade time:11:08AM EDT Value change:▼0.18 (-0.81%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:23.20 Trade time:11:10AM EDT Value change:▲0.23 (1.00%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:66.27 Trade time:11:08AM EDT Value change:▲0.06 (0.09%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:21.69 Trade time:11:08AM EDT Value change:▲0.09 (0.42%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:19.57 Trade time:11:08AM EDT Value change:▲0.10 (0.51%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:6.78 Trade time:11:09AM EDT Value change:▲0.03 (0.44%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:38.04 Trade time:9:45AM EDT Value change:0.00 (0.00%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:34.55 Trade time:11:09AM EDT Value change:0.00 (0.00%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:39.14 Trade time:11:08AM EDT Value change:▼0.37 (-0.94%)
NYSE:TSH

Teche Holding

Company ID [NYSE:TSH] Last trade:71.82 Trade time:4:03PM EDT Value change: (%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:74.64 Trade time:11:10AM EDT Value change:▲0.93 (1.26%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:46.69 Trade time:11:10AM EDT Value change:▲8.10 (20.99%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:33.58 Trade time:11:10AM EDT Value change:▲0.20 (0.60%)
Advertisement

Economic Indicators

  • Real Estate Data
    Real Estate
     
    Rentals
     
    Commercial
     
     
  • Energy Data
    Oil
     
    Gas
     
     
  • Taxable Sales
    Register
     
  • Unemployment Rate
    Employment
     
 

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement