Commodities
Summer Heat Wave Fails to Boost US Natural Gas Prices
This summer's record-breaking heat wave failed to drive up natural gas prices in the US. The Henry Hub spot price averaged $2.93 per million British thermal units (MMBtu) from June through August, a 6% drop compared to the same period last year.
The U.S. Energy Information Administration credits record gas production, full storage caverns, and maintenance at LNG export plants as contributing factors. Additionally, increased solar and wind generation helped keep prices in check.
In contrast, local Marcellus/Utica country prices remained significantly lower than the national average throughout the summer.