NEW YORK (AP) - Natural gas prices are rebounding from 10-year lows as producers cut back and colder weather forces homeowners to turn up the heat.
The price of natural gas futures rose Tuesday for the third straight trading day, adding 3 cents to finish at $2.55 per 1,000 cubic feet. The futures contract dropped as low as $2.32 on Thursday, the lowest since Feb. 25, 2002.Natural gas rose this week after one of the largest producers, Chesapeake Energy Corp. (CHK), announced it would slow down production this year. And weather forecasts showed a chilly mix of rain and snow from the Southwest to the Great Lakes. More than half of homeowners use natural gas for heat, and investors are betting they'll need to crank up furnaces as temperatures drop.
Meanwhile, oil prices fell Tuesday as concerns about Europe's beleaguered economy focused again on Greece's massive debt and looming default. Greece's private creditors warned that European leaders were putting the region's financial stability at further risk by not committing enough money to the crisis.
Benchmark crude fell 63 cents to end at $98.95 per barrel in New York. Brent crude, which is used to price foreign oil varieties that are imported by U.S. refineries, fell 55 cents to finish at $110.03 per barrel in London.