NYMEX and Spot Price Averages Collapse Below $5/MMBtu

What the heck is going on with natural gas prices? Last Friday, the NYMEX futures price (based on the Henry Hub spot price) lost another $0.40 to close at $4.96/MMBtu. NGI’s Weekly Spot Gas National Average dropped $0.54 to $4.99/MMBtu. The NYMEX lost $1.49 last week, representing a 23% drop in price--in one week! Last week marked the longest losing streak for natural gas prices (9 straight weeks) since the week ending Feb. 8, 1991, when the market fell for 11 straight weeks. Yuck.

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