Natural gas price hits a record low as US natural gas prices hit record low

By David WeigelPublished June 19, 2018 10:34:23A new price of natural gas for the first time since 2016 hit a new record low Thursday as prices continued to fall, a sign of a slowing economy and concerns about global warming.

The price of US natural resources dropped to $US4.75 per million British thermal units (MMBtu) from $US7.30 per MMBtu on Thursday, the lowest since January 2017, according to data from the Energy Information Administration (EIA).

The price fell to $4.67 per MBtu in London from $5.06 per Mmbtu a year earlier, the agency said in a statement.

In contrast, the average price for US crude oil fell to a record $US42.57 per barrel from $57.26 in April.

In January, the EIA recorded a new low of $US31.93 per barrel in March, with prices falling further after falling to a previous record of $46.23 per barrel on March 14.

But the drop in natural gas and crude oil prices is unlikely to last for long.

Natural gas prices are still down about a third since the start of the year, the Energy Department said.