Natural gas prices fall to lowest level in 8 months as milder weather keeps demand low

Energy Associated Press

Natural gas was falling to its lowest level in eight months following forecasts that nationwide summer temperatures are expected to be milder than normal.

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The price of natural gas fell 10 cents, or 2.6 percent, to $3.85 per 1,000 cubic feet on Monday. That's the lowest since mid-November.

Weather analysts expect U.S. temperatures to be lower than normal for the next two to three weeks, which is typically when U.S. temperatures are at their hottest. In the summer natural gas is used for to generate electricity, particularly when demand is high and other sources are at full capacity.

Crude oil rose $1.46, or 1.5 percent, to $104.59 a barrel and wholesale gasoline rose three cents, or 1 percent, to $2.89 a gallon.

Gold and silver rose. Crop prices fell.