Southwest Natural Gas Prices Hit Record High Amid Heatwave

Southwest natural gas prices have surged to new heights as scorching heatwaves grip the region, while prices in the East have softened.

According to NGI's data, the average Southwest price jumped by 23 cents per million British thermal units (MMBtu) on July 17, reaching a record high of $7.33/MMBtu. This marks a significant increase from June's average price of $6.39/MMBtu.

The spike in prices can be attributed to the intense heatwaves affecting the Southwest region, which has led to increased demand for natural gas. The region's pipelines have also been operating at or near capacity, exacerbating the supply shortage and driving up prices.