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Natural gas falls on spell of balmy US weather

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Posted: Mar 13, 2012 11:06 AM
Source: Associated Press

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Topics: natural, gas, price, weather, economy, money

Natural gas prices are falling again as balmy weather stretches across most of the nation and supplies remain plentiful.

Natural gas dropped 5 cents to $2.215 per 1,000 cubic feet in trading in New York. That's the lowest price in a decade.

The price has dropped about 26 percent this year. Warm winter weather has allowed Americans to use less heat. And booming production is keeping stockpiles well above the five-year average.

Meanwhile, benchmark oil rose 20 cents to $106.54 per barrel. An increase in retail sales provided the latest sign of an improving economy. Brent crude rose 16 cents to $125.50 per barrel in London trading.

At the pump, AAA says the national average for retail gas rose less than a penny to $3.805 per gallon.

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