Marcellus/Utica Gas Prices Plummet to Two-Year Low on Cove Point Shutdown

Natural gas prices in Appalachia have plummeted to their lowest level in two years. The benchmark Texas Eastern M-2 price dropped by 41.5 cents, averaging $1.245/MMBtu for weekend and Monday deliveries. Some trades even printed as low as $1.020. This sharp decline is due to a combination of factors, including the shutdown of Cove Point LNG for annual maintenance on Saturday.

The cold weather sweeping across the eastern U.S. has also reduced air-conditioning demand, further contributing to the price drop. Eastern Gas North shed 44.5 cents to $1.195. Six regional hubs traded at their lowest prices since November 2024.