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The Associated Press March 29, 2012, 11:07AM ET

Natural gas price drops to a 10-year low

The price of natural gas is at a 10-year low after a surprising jump in supplies.

Analysts expecting the nation's supplies to grow last week. But the government says natural gas inventories expanded more than expected following a recent production boom. Supplies are currently 59 percent above the five-year average, and they're expected to keep growing over the next few months.

Natural gas futures plunged by 10 cents, or 4.7 percent, to $2.175 per 1,000 cubic feet in morning trading. Prices fell as low as $2.165 earlier in the day.

Benchmark oil fell by $2.01 to $103.40 per barrel on reports that the U.S. and Europe are considering a release of emergency supplies.

The price of retail gasoline increased by a penny to a national average of $3.921 per gallon.

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