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Natural gas prices drop sharply on bulging supply
With spring just around the corner, natural gas prices continue to fall; oil increases
By The Associated Press

Natural gas is falling sharply after U.S. supplies declined less than expected last week.

Natural gas dropped 4.9 cents Thursday to $2.253 per 1,000 cubic feet, its lowest level in a decade.

A mild winter has caused weak demand for natural gas, which is used to produce electricity and heat homes. There also is a huge increase in supply because producers are accessing more underground reserves.

The Energy Department says natural gas in storage fell by 80 billion cubic feet. Analysts had predicted a decline of at least 82 billion cubic feet. Gas in storage totals 2.433 trillion cubic feet, about 43.6 percent more than last year.

Meanwhile, oil prices are higher on hopes that the Greek debt crisis is close to resolution, which would benefit the European economy.

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