Afternoon Coffee: Natural Gas Inventories Rise Less Than Expected, BP to Pay $18.7 Billion for 2010 Disaster

afternoon coffee

Natural gas inventories rose in the last week, but less than expected, which impacted how much prices for the fossil fuel increased today. Natural gas storage levels climbed 69 billion cubic feet in the week ending June 26 – about 2 bcf less than forecasted – and natural gas futures increased 2.1% to $2.842 a million British thermal units on the New York Mercantile Exchange.

BP will pay $18.7 billion for damages caused by the 2010 Deepwater Horizon oil spill, according to a tentative deal reached by the oil company and the federal government and Gulf Coast states. Alabama Gov. Robert Bentley called it a “landmark settlement.”

A total of 223,000 jobs were created last month and the unemployment rate fell to a 7-year low of  5.3%, according to the Labor Department.

Those planning to travel by car this Fourth of July holiday weekend will enjoy the lowest gas prices in 5 years, AAA reports. The national average price for a gallon of gas is also about 90 cents lower than a year ago.

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