NEW YORK — Natural gas futures fell on Tuesday to settle at $2.47 a million cubic feet as investors worry that rising natural gas prices are weighing on the economy and pushing the market toward a correction.
U.N. Secretary-General Antonio Guterres is scheduled to discuss the situation at a meeting with U.K. Prime Minister Boris Johnson in London later Tuesday.
The U. S. has been a major exporter of natural gas to the U. Kingdom, but that production has been slowing down in recent years.
Natural gas companies have been struggling to stay competitive in the market due to the lower prices they have to pay.
Natural Gas futures are down about 0.7 percent this year.
Prices have declined in recent months as the energy sector has struggled to contain soaring energy costs.
Gas prices were also hammered by Hurricane Harvey, which devastated Houston.
Natural gasoline futures traded at $3.24 a million Ccf.
on Tuesday, down 0.8 percent from a year ago and down more than 10 percent from an all-time high in August 2016.
The energy sector’s continued woes have made it hard for the energy companies to stay in business and helped drive the decline in prices.
The Energy Information Administration expects gas prices to decline about 1.3 percent this quarter, or $1.50 a gallon, to $2 a gallon.
Natural and renewable energy have also been hit hard by the price declines.
Natural power prices were down 1.8% this quarter to $0.89 a megawatt hour.
Wind energy prices fell 1.5% to $1 a megowatt hour on Tuesday.
Natural oil and gas prices also fell 0.5 percent, but the industry’s profits are on the rise.
Natural crude oil futures traded down 0% to a low of $48.85 a barrel.