Huge Supplies & A Mild Winter Causes Natural Gas Prices To Drop on Jan. 12, 2012 To Near Historic Lows:
The price of natural gas for February delivery fell 8 cents to end at $2.6970 per 1,000 cubic feet on Jan. 12. The price has fallen 13% this week alone due to a relatively mild winter weather cutting heating demand and huge supplies. On Jan. 12, 2012, the Energy Information Administration said supplies are 13.4 percent higher than what they were a year ago and 17 percent above the five-year average. On Friday, Jan. 13, 2012 the price of natural gas had fallen to $2.659/per 1,000 cubic feet at 1:34 pm CST. And the price kept dropping....On Tuesday, Jan. 17, 2012 the price of natural gas fell 18 cents to end the day's energy market trading session at $2.49 per 1,000 cubic feet in New York for February delivery. That price represents a fall of 17 percent for the month or 45 percent lower than a year ago. The price fall on Jan. 17 had natural gas contracts for February delivery at or near their lowest levels since March 2002.