Natural gas prices rise as other energy, metals prices decline

Natural gas prices were higher Thursday after the US Energy Information Administration reported that inventories dropped the most ever last week, falling 207 billion cubic feet to 3.57 trillion cubic feet , still nearly 14 percent above the five-year average for this time of year.

The drawdowns came as cold weather hit major population centers in the US Northeast and Midwest during the week.

In afternoon trade, March natural gas futures were 29 cents higher to $5.79 per million British thermal units in New York, while at mid-morning January futures had added nearly 40 cents to $5.85.

Meanwhile, January contracts for West Texas Intermediate crude oil had dropped $1.14 to $71.52 per barrel on the New York Mercantile Exchange, while February Brent crude was $1.72 lower to $72.57 per barrel on the ICE Futures Europe exchange in London.

Nymex January gasoline futures were down 3 cents to $1.85 per gallon in afternoon trade, while February heating oil was down 2 cents to $1.97 per gallon.

Most metals prices were also lower as a stronger dollar reduced demand for the metals as an investment.

March copper was down 8 cents to $3.13 per pound in New York trade, while three-month contracts on the London Metal Exchange were down $139 to $6,900 per tonne.

Among other base metals trading in London, tin prices saw gains but other metals prices were lower.

Precious metals prices fell as well, as the dollar rose to a three and a half month high versus the euro.

February gold was down $28.80 to $1,107.40 per troy ounce in New York, while March silver was 50 cents lower to $17.20 per troy ounce and January platinum dropped $31.70 to $1,425.90 per troy ounce, while earlier, in late morning trade, March palladium fell $2.15 to $371 per troy ounce.

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