Natural gas falls to an 8-month low

Natural gas fell to its lowest level in eight months Monday following forecasts that nationwide summer temperatures are expected to be milder than normal.

The price of natural gas fell 10 cents, or 2.6 percent, to $3.85 per 1,000 cubic feet. That's the lowest since mid-November.

Weather analysts expect average temperatures across the U.S. to be lower than normal for the next two to three weeks, which is typically when U.S. temperatures are at their hottest. In the summer natural gas is used to generate electricity, particularly when demand is high and other sources are at full capacity.

Other energy-related commodities moved higher Monday. Crude oil rose $1.46, or 1.5 percent, to $104.59 a barrel and wholesale gasoline rose three cents, or 1 percent, to $2.89 a gallon. Heating oil rose a penny, or 0.5 percent, to $2.86 a gallon.

In metals, gold for August delivery rose $4.50, or 0.3 percent, to $1,313.90 an ounce. Silver rose 13 cents, or 0.6 percent, to $21.01 an ounce. High-grade copper rose a penny, or 0.5 percent, to $3.20 a pound.

Platinum rose $3.50, or 0.2 percent, to $1,493.40 an ounce and palladium fell $4.35, or 0.5 percent, to $877.15 an ounce.

Crop prices fell. Wheat lost two cents, or 0.4 percent, to $5.30 a bushel, corn fell seven cents, or 1.7 percent, to $3.72 a bushel and soybeans lost 14 cents, or 1.3 percent, to $10.71 a bushel.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Top Stories

  • Community In Shock
    2 dead, 4 students struggling to survive after Marysville-Pilchuck High School shooting

  • Week In Photos
    Great heights and breathtaking images from around the world this week
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.