Natural gas plunges 7 percent as cold front ends

2:46 PM, Jan 27, 2014   |    comments
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NEW YORK (AP) - Natural gas prices are falling sharply as the bitter cold that hit most of the country last week started to dissipate.

Natural gas futures plunged 32 cents, or 7 percent, to $4.67 per thousand cubic feet. The drop comes after natural gas prices hit their highest level since September 2011 on Friday.

Natural gas is the nation's most popular form of heating. Some parts of the country reported shortages for propane and other natural gas products last week due to increased demand.

Heating oil, which is used primarily in the Northeast, dropped nearly 2 percent Monday.

Other commodities were mostly lower. Gold, copper, platinum and palladium all fell Monday. Silver barely rose.

Wheat prices fell while corn and soybeans rose.

(Copyright 2014 by The Associated Press. All Rights Reserved.)

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