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Natural gas resumes 3-month surge on hot weather

Posted: July 30, 2012 1:30 p.m.
Updated: July 30, 2012 1:30 p.m.
 

NEW YORK (AP) — Natural gas has been on a tear since hitting a 10-year low this spring.

The futures contract in New York has surged 67 percent since April thanks to rising demand for natural gas from power plants and a sharp drop in drilling activity. Prices rose as high as $3.192 per 1,000 cubic feet Monday as forecasters predicted the Midwest would see unseasonably warm weather next month.

Still, natural gas is about 35 percent cheaper than it was last year, and the recent jump in prices probably won't impact utility bills.

Meanwhile, U.S. crude prices fell by 18 cents to $89.95 per barrel in New York while Brent crude lost 38 cents to $106.09 per barrel in London. Retail gasoline prices were flat over the weekend at $3.486 per gallon.

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