Akhir 25, 1432 H/March 30, 2011, SPA -- Natural gas prices climbed Wednesday as President Barack Obama said he wanted the U.S. to use more of it instead of foreign oil, according to AP. Colder weather also pushed up prices, as forecasters predicted a cold snap for much of the U.S. in coming weeks. Natural gas for May delivery rose 8 cents to $4.339 per 1,000 cubic feet in afternoon trading on the New York Mercantile Exchange. Meanwhile, benchmark crude for May delivery fell 16 cents to $104.64 per barrel on the Nymex. In London, Brent crude added 15 cents at $115.11 on the ICE Futures exchange. In its weekly report on petroleum supplies, the Energy Department said U.S. crude supplies rose by 2.9 million barrels last week. Gasoline supplies fell by 2.7 million barrels. Natural gas prices rose as Obama announced that he wants to cut the country's oil imports by a third by 2025. The president touted a series of initiatives, emphasizing that the U.S. could rely more on its own natural gas and biofuels to power vehicles and produce electricity. Fadel Gheit, an energy analyst with Oppenheimer & Co., said the strategy makes sense: «We have abundance of natural gas in this country and the best technology in the world. We should capitalize on that.» Natural gas prices remain in about the same range they've been in for three years as the recession and a surge in domestic production have kept prices in check.
