Friday, May 15, 2009

Mexico Natural Gas Prices Lowered for Consumers

MEXICO CITY, May 14 (Reuters) - Mexico's state-run gas company Pemex will lower natural gas prices for consumers by 10 percent beginning at the end of June this year, the company said on Thursday.

Mexico -- a crude oil exporter -- is a net importer of natural gas despite having sizable resources. Pemex has set a goal to increase output enough to halve gas imports, possibly as soon as this year.

Natural gas and electricity prices in the United States have been dropping recently, tracking oil prices and falling demand because of the financial crisis.

June natural gas futures NGM9 eased 4.1 cents to close at $4.292 per mmBtu area on Thursday after slipping early to $4.125, then bouncing late to $4.349. (Reporting by Mica Rosenberg; Editing by Gary Hill)

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