Falling natural gas prices mean savings for customersNatural gas is a commodity that powers many of our household appliances, such as stoves and heating systems, and generates electricity for homes and businesses. Now, customers in the northwest United States could be seeing a nice drop in the price of this precious resource, thanks to falling commodity costs.

Portland-based NW Natural, a provider of natural gas, has requested a 1.5 percent rate decrease for residential customers in Oregon, and 1.6 percent decrease for commercial customers. Such a price would translate into a monthly bill reduction of $1.06 for residential customer using 55 therms per month, while the average commercial bill would go down by $4.00 a month, the Oregonian reports.

Meanwhile, residents of Washington state would see a 1.8 percent rate decrease for residential customers and a 2.1 percent decrease for commercial customers.

Because the commodity price of natural gas is passed on directly to consumers without any markup, NW Natural can take advantage of inexpensive pricing and help customers save on their utility bills. 
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  1. This is a great time for businesses to purchase retail contracts for their annual needs. But the bottom of the market will quickly disappear as colder temps drive NG futures back up.