Natural gas price up on possible production cuts

02 10, 2012 by Shreveport Times

The price of natural gas is climbing after a major producer said it may increase U.S. production cuts this year.

Chesapeake Energy Corp. said Thursday that it may cut production by up to a billion cubic feet per day, twice the amount that the company announced in January.

Natural gas futures jumped by 6 cents, or 2.4 percent, to $2.51 per 1,000 cubic feet in New York.

Benchmark crude prices also rose, by $1.26 to $99.97 per barrel in New York. Brent crude rose by 88 cents to $118.08 per barrel in London.

Retail gasoline prices rose by less than a penny to a national average of $3.49 per 1,000 cubic feet.