Home Heating Prices to Fall
From the Land of the White Squirrel, futures trading has driven the Natural Gas market to a two-year low.
From Olney Daily Mail
Heating prices will drop sharply
By Mary McGlasson and Associated PressNatural-gas futures fell 10 percent to a two-year low Thursday after U.S. government data showed record supplies.
As a result, Richland County homeowners who depend on natural gas for heat should see lower gas bills this winter, assuming normal temperatures.
“We are optimistic that prices will be quite a bit lower than last winter,†said Darin Houchin, General Manager of Illinois Gas Company.
Houchin said supplies are at record highs because there were no hurricanes or other such events during the summer.
Oil prices were weighed down by the sharp sell-off in natural gas, which analysts attributed to the rising inventory of fuel, slack demand and receding fears about possible Gulf of Mexico supply disruptions during this year’s waning Atlantic hurricane season.
October natural-gas futures fell 55.7 cents to settle at $4.892 per 1,000 cubic feet on the New York Mercantile Exchange. The last time front-month natural-gas futures settled below $5 was Sept. 16, 2004.
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