Energy Prices Fall on Peace Prospects
February 27, 2006
Natural gas and crude oil prices on the New York Mercantile Exchange fell Monday after news from the Middle East about easing tensions.
Prices for high-quality crude for April delivery fell 78 cents, or 1.2 percent, to $62.13 per barrel, and natural gas was off 20.4 cents, or 2.8 percent, to $7.109 per million Btu.
That’s the lowest price seen for that contract since early June, MarketWatch said.
Gasoline dropped 3.2 cents, or 2.1 percent, to $1.5186 a gallon, while heating oil shed 3.02 cents, or 1.8 percent, to $1.6965 a gallon.
Much of the decline was laid at the feet of news that Iran and Russia had reached a deal on nuclear energy production.