M-U Spot Gas Hits 2-Year Low as Cove Point Goes Dark

Appalachian spot natural gas prices just fell off a cliff. Texas Eastern M-2 — the benchmark hub for Marcellus/Utica gas — dropped 41.5 cents to average $1.245/MMBtu for weekend and Monday deliveries, with some trades printing as low as $1.020, according to NGI (Natural Gas Intelligence). Eastern Gas North shed 44.5 cents to $1.195. Six regional hubs traded at their lowest prices since November 2024. Two things did the damage at the same time: Cove Point LNG shut down for annual maintenance Saturday, and a sharp cool-down swept the eastern U.S., taking a big bite out of air-conditioning demand.

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