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Booming production pushes down price of natural gas
NEW YORK | The price of natural gas dropped back to near a 10-year low Wednesday after Exxon Mobil and other energy companies declined to cut production.
Exxon, America’s biggest natural gas producer, has led a push by major industry players into U.S. gas drilling over the past few years that has boosted production to the highest levels ever. Supplies in storage are well above average, and some experts estimate the nation has enough natural gas to meet its needs for a century.
Investors hoped that Exxon would follow smaller competitors such as Chesapeake Energy and shut down some natural gas rigs. But when it released its quarterly and annual earnings results Tuesday, Exxon said it hasn’t pulled back.
On Wednesday the price of natural gas fell 12 cents, or nearly 5 percent, to finish at $2.38 per 1,000 cubic feet in New York. That follows an 8 percent drop Tuesday. Natural gas hit a 10-year low of $2.32 per 1,000 cubic feet Jan. 19.
Manufacturing expands at fastest pace since June
U.S. manufacturing activity grew in January at the fastest pace in seven months, boosted by a rise in new orders. And builders ended a poor year for construction by spending more on homes and projects for the fifth straight month.
The reports bolster other data showing the U.S. economy started the year strong.
The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its manufacturing index rose last month to 54.1 from 53.1 in December. Readings more than 50 indicate expansion.
Consumers are buying more cars and trucks, while businesses ordered more machinery and other equipment. That has driven manufacturing, which expanded for the 30th straight month.
Both new orders and order backlogs rose to nine-month highs. Increasing order backlogs suggest manufacturers are lacking the capacity to meet demand. That could mean more growth in production and employment in the near future, economists said.
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