Henry Hub Averaged $2.93 This Summer; Marcellus Gas Fetched Far Less

This July was the hottest July on record for the Lower 48 states, averaging 77°F. You'd think a heat wave like that, with everybody cranking up the A/C, would send natural gas prices soaring. Nope. The U.S. Energy Information Administration (EIA) reports the Henry Hub spot price averaged $2.93 per MMBtu (million British thermal units, roughly 1,000 cubic feet of gas) from June through August, 6% less than the same period last summer. EIA credits (or blames, depending on your point of view) record gas production, full storage caverns, LNG export plant maintenance, and more solar and wind generation. That's the national story. Here in Marcellus/Utica country, the story is the same, only more so. Our local prices ran far below Henry Hub all summer.

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