JACKPOT SELL NATURAL GAS MAY 106 - 108 S/L 113.70 TGT 94 - 83 - 68 TILL 25 MAY EXPIRY DAY MAX
NOW IF SUATIN BELOW — The price of natural gas has fallen below $2 per 1,000 cubic feet for the first time in more than a decade, a remarkable decline for a commodity that not long ago was believed to be in short supply.
The U.S. supply of natural gas is growing so fast that analysts worry the country's underground storage facilities could be full by fall and lead to further price declines.
On Wednesday, the futures price of natural gas fell to $1.984 per 1,000 cubic feet, its lowest level since January 28, 2002, when it hit $1.91. If the price slides to $1.75, it would be the lowest since March 23, 1999.
Natural gas production has boomed across the country as energy companies employ new drilling techniques to tap previously untouched reserves. The process has raised concerns about water safety and has been banned temporarily in New York and New Jersey. But where it has been allowed, it has led to increases in drilling, job growth and production.
PRICES AND COSTS
— Current U.S. futures price: $1.984 per 1,000 cubic feet
— All-time low: $1.32 (Jan. 13, 1995)
— All-time high: $15.38 (Dec. 13, 2005)
— 10-year average: $5.96
