Natural gas prices have dropped by more than 15 percent in the past month as the country continues to sip at its energy reserves and a balmy November allowed many homeowners to leave the heat off.

Retail prices for natural gas, or what many consumers will pay to heat
their homes, are expected to be substantially lower this year.

Spot prices for natural gas have dropped to almost half of what they
were last year, though they’ve increased slightly this month, according
to the Energy Information Administration.

The recession has kept natural gas demand low most of the year. With
manufacturers shuttering factories and closing offices, the country is
using less electricity power plants are burning less natural gas.

Analyst Stephen Schork noted that with industrial production still
weak, home heating would be the primary source of natural gas demand
for the rest of the year.

“What does that say about the current recovery, or lack thereof?” Schork said in a research note.

The U.S. has added more natural gas into storage every week since March
27, and there is now more natural gas tucked away in the U.S. than at
any point in history. Storage houses are crammed beyond their listed
capacity in the West on the Gulf of Mexico, and they’re nearing
capacity elsewhere, according to data from the Department of Energy.

With so much in storage, natural gas futures prices have plunged on the
New York Mercantile Exchange. The December contract fell from $5.045 to
$4.343 per 1,000 cubic feet between Oct. 30 to Friday.

Benchmark crude also dropped Friday, giving up $1.06 to $76.40 a barrel
on the last trading day for the December contract. Crude prices for
January delivery lost 99 cents to $77.06.

At the pump, retail gas prices increased for the third straight day,
adding less than a penny overnight to a new national average of $2.642
a gallon, according to auto club AAA, Wright Express and Oil Price
Information Service. A gallon of regular unleaded is 4.6 cents more
expensive than last month and 62.2 cents more expensive than the same
time last year, when prices were in free fall.

In other Nymex trading, heating oil fell 3.29 cents to $1.9635 a
gallon. Gasoline for December delivery dropped 1.19 cents to $1.9576 a
gallon.

In London, Brent crude for December delivery fell 84 cents to $76.80 on the ICE Futures exchange.

Source: Associated Press

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    Oil prices are above $71 a barrel in Asia signs of weak crude demand were offset by a slumping US dollar. Benchmark crude for November delivery was down 29 cents at $71.47 a barrel by midday Wednesday Singapore time in electronic trading on the New York Mercantile Exchange. The contract

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    Global oil prices edged higher near $ 82 a barrel in Asian trade Friday mainly on signs of economic recovery in the US. Light sweet crude for December delivery was seen trading at $81.72 a barrel at 12.00 noon Singapore time while Brent crude was at $ 80.10 a barrel

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    Natural gas prices have mostly moved in one direction this summer, down, and the vast caverns that hold it are close to reaching capacity. Yet since the beginning of the month prices have spiked 44 percent. A record number of futures contracts were snapped up this week, most likely because buyers

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• Oil prices by 11 percent in 2 weeks

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• Oil edges in Asia on demand hopes

    Global oil prices advanced above $71 a barrel in Asian trade Wednesday on hopes of more energy demand. Light sweet crude for November delivery was seen trading at $71.55 a barrel at 12.00 noon Singapore time while Brent crude was at $69.31 at the same time. On Tuesday, November contract

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    Oil prices rose above $80 a barrel Monday in Asia as crude traders followed regional stock markets higher. Benchmark crude for April delivery was up 52 cents to $80.18 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

• Oil in Asia after rising steadily over night

    Global oil prices remained near $71 a barrel in Asian trade Wednesday after an overnight surge aided by gold’s rally. Benchmark crude for October delivery was seen trading at $71.12 a barrel at 12 noon Singapore time in electronic trading on the New York Mercantile Exchange while Brent crude for

• Oil falls on jump in the vicinity of $ 68 as U.S. supplies of crude oil

    Oil prices dropped to near $68 a barrel Thursday in Asia as an unexpected jump in U.S. crude inventories suggested consumer demand remains in the doldrums. Benchmark crude for November delivery was down 71 cents at $68.26 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange.

• Another winter blast helps boost oil price

    Heating oil prices got a boost Tuesday as the second powerful storm in four days threatened to dump more than a foot of snow on the East Coast.