Natural Gas Prices Dip Amid Record Solar Power Generation

The price of natural gas at the Henry Hub in Louisiana averaged $2.93 per million British thermal units from June through August, down 6% compared to the same period last year.

This decrease occurred despite the fact that July was the hottest on record for the Lower 48 U.S. states, with average temperatures reaching 77 degrees Fahrenheit and total nationwide electricity sales hitting a record-shattering 415.2 billion kilowatt-hours.

The increased demand for electricity was primarily met by solar power generation, which rose 22% from last year's numbers, according to data released by the U.S. Department of Energy.