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U.S. natural gas prices lag despite record Lower 48 heat
Henry Hub averaged $2.93 per million British thermal units from June through August, 6% lower than the same period last year.
OilPrice reports that record summer temperatures across the U.S. Lower 48, driven by the hottest July on record, boosted electricity demand as air conditioners ran harder, but did not translate into higher natural gas prices.
The outlet cites NOAA data showing Lower 48 average temperatures of 77°F in July, and notes that solar and wind supplied a large share of the extra power demand.
Despite that demand-side pressure, Henry Hub natural gas averaged $2.93 per million British thermal units from June through August, which was 6% below the same period last year, according to OilPrice.
Latest closeNat gas $3.222 ▲6.6%