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.
The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.
It will be next month before Gov. Bobby Jindal will likely get a chance to change the membership of a South Louisiana flood board that is suing dozens of oil, gas and pipeline companies.
Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
Investigation finds Arnaud’s Furniture, Carroll Building Specialties and Crazy Charlie’s Shoes running misleading going-out-of-business sales.
Critics say workers and retirees are being held responsible for the Jindal administration's mismanagement of their program.
Potenza Marketing makes fastest-growing companies list.
Local 101 class Friday
“Byzantine” is the word members of the nominating committee for the local flood protection authority often use to describe the complicated, multi-layered matrix of qualifications that must be met to fill a vacancy on that board.
In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
“In some cases, we’ve found that these parts are nothing more than used junk yard parts. In others, we’ve found them to be foreign knock-off parts of questionable quality.”
The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
The future of the coastal loss lawsuit could rest in hands of board’s nominating committee.
Leaders from the local tech community ponder the question: What's missing from Acadiana's tech ecosystem?
AT&T’s U-verse heads our way. Here’s what it means for you.
LITE’s virtual environments are changing the way local employees learn how to do their jobs.
Local tech gurus will go the distance to call Lafayette home.
A look at recent hires, promotions and other news from Acadiana's business community.
New Johnston Street eatery catapults to No. 1 spot in nearly 200-location chain.
By identifying companies that match the output of its post-secondary educational institutions, Lafayette is creating opportunities that keep highly trained graduates in the area.
Gideon’s Promise lauds G. Paul Marx’s work to improve the quality of indigent defense and helps train five new public defenders.
What will INNOV8 4.0 look like?