Don’t look now, but natural gas prices are slowly growing across the U.S. and the winter weather is the obvious culprit.
We’re just four years away from the historic 2021 winter storm Uri where natural gas prices in Oklahoma soared to more than $1,200 per MMBtu, the highest price ever recorded in the U.S. So as another round of extreme cold weather moves into Oklahoma, it’s only natural for natural gas users to perhaps pay closer attention to what they’re paying.
A natural gas weekly price update from the U.S. Energy Information Administration showed the highest natural gas prices were in the northeast part of the U.S. where natural gas sold for more than $15 per MMBtu while prices in Oklahoma were in the $3 range.
Prices
- Henry Hub spot price: The Henry Hub spot price rose 72 cents from $3.22 per million British thermal units (MMBtu) last Wednesday to $3.94/MMBtu yesterday.
- Henry Hub futures price: The price of the March 2025 NYMEX contract increased 21 cents, from $3.360/MMBtu last Wednesday to $3.565/MMBtu yesterday. The price of the 12-month strip averaging March 2025 through February 2026 futures contracts rose 17 cents to $4.075/MMBtu.
- Select regional spot prices: Natural gas spot prices rose at all major pricing locations this report week (Wednesday, February 5, to Wednesday, February 12). Price changes ranged from an increase of 32 cents at PG&E Citygate to an increase of $2.71 at Algonquin Citygate.
- Prices rose in the Northeast this report week as consumption increased. At the Algonquin Citygate, which serves Boston-area consumers, the price increased $2.71 from $13.22/MMBtu last Wednesday to $15.93/MMBtu yesterday. At the Transco Zone 6 NY trading point for New York City, the price increased 34 cents from $3.81/MMBtu last Wednesday to $4.15/MMBtu yesterday. The Algonquin Citygate price remains elevated this week due to seasonal demand for space heating. Temperatures in the New York-Central Park Area averaged 33°F this report week, down 2°F from last week. The price at Eastern Gas South in Pennsylvania rose 83 cents from $2.98/MMBtu last Wednesday to $3.81/MMBtu yesterday. Average temperatures in the Pittsburgh Area fell 5°F from last week to 32°F this week. Natural gas consumption in the residential and commercial sector in the Appalachia region rose 16% (0.8 Bcf/d) this week, according to data from S&P Global Commodity Insights.
- Prices on the West Coast rose this report week. The price at SoCal Citygate in Southern California increased 39 cents from $3.98/MMBtu last Wednesday to $4.37/MMBtu yesterday. At PG&E Citygate in Northern California, the price rose 32 cents from $3.63/MMBtu last Wednesday to $3.95/MMBtu yesterday. Average temperatures in the Sacramento Area fell 6°F to 45°F this report week. At Northwest Sumas on the Canada-Washington border, the main pricing point for natural gas in the Pacific Northwest, the price rose 39 cents from $3.17/MMBtu last Wednesday to $3.56/MMBtu yesterday. Temperatures in the Seattle City Area averaged 36°F this week, 2°F below last week and 7°F below normal. Total consumption of natural gas in the Pacific Northwest rose 12% (0.4 Bcf/d) this report week, according to data from S&P Global Commodity Insights.
- Prices in the Midwest rose this report week as colder temperatures moved into the area. The price at the Chicago Citygate rose 78 cents from $3.12/MMBtu last Wednesday to $3.90/MMBtu yesterday. Average temperatures in the Chicago Area fell 7°F to 27°F this report week, which is the normal average temperature for this period. Total consumption of natural gas in the Midwest rose 21% (3.6 Bcf/d), which was led by a 27% increase (2.7 Bcf/d) in consumption in the residential and commercial sector, according to data from S&P Global Commodity Insights.
- Prices rose this week in the Rocky Mountain region. The price at the Cheyenne Hub in southeast Wyoming rose 71 cents from $3.01/MMBtu last Wednesday to $3.72/MMBtu yesterday. The price at Opal Hub in Southwest Wyoming rose 58 cents from $3.11/MMBtu last Wednesday to $3.69/MMBtu yesterday. Average temperatures in the Denver Area fell 16°F compared with last report week to 25°F, or 7°F below normal. Total natural gas consumption in the Rocky Mountain region rose 38% (0.9 Bcf/d) this report week, according to data from S&P Global Commodity Insights.
Source: EIA
