Natural gas prices rebound from 10-year low - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Natural gas prices rebound from 10-year low

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NEW YORK (AP) — Natural gas prices are rebounding from 10-year lows after the government said U.S. supplies didn't grow as expected last week.

The futures price added 1.2 cents to $1.996 per 1,000 cubic feet in New York on Thursday. It's a turnaround from Wednesday, when fears of surging supplies pushed natural gas futures to $1.9840, the lowest price since Jan. 28, 2002.

Prices climbed after the government reported that last week's growth in supplies was less than analysts expected. U.S. supplies are still about 59 percent higher than the five-year average, however.

Oil prices also rose with a rally on Wall Street. Benchmark crude gained $1.11 at $103.81 a barrel.

Retail gasoline prices continued to fall, losing nearly 3 cents in the past week, to a national average of $3.91 per gallon.