Natural Gas Prices Slump
Supply Rising Faster Than Demand
The boom in natural gas production has created steady, above average supplies of natural gas, sending prices south.
The government reported gas inventories were up 1.4 percent by a net gain of 42 billion cubic feet last week to 2.479 trillion cubic feet, levels that are over 60 percent higher than the five-year average.
The upsurge in supply induced a dramatic downturn in prices, falling as low as $2.08 late Thursday morning in New York.
The good news is that the surplus in supplies, combined with the mild weather this past winter, will cut electric bills for a good number of U.S. homeowners.
Analysts expect the pleasant spring weather to continue over the next few months, which will further drive down prices.
Meanwhile, benchmark crude was up $1.84 to $103.30 a barrel while Brent crude rose 78 cents to $123.12 a barrel.
The current national average of $3.936 per gallon of gasoline is the highest it's ever been for this time of year, with analysts anticipating it could continue to rise to an unprecedented $4.35 a gallon by the end of this month.
That's all for now,