Maybe it’s true that a dollar won’t buy much anymore but, for the moment at least, the spot price of natural gas in the Mid-Atlantic has dropped to less than $1/mmBtu, according to figures posted Oct. 5 by the Energy Information Administration (EIA).
The Mid-Atlantic has for many months enjoyed some of the cheapest spot natural gas prices in the nation with the gas spot price hovering mostly in the $1.30 to $1.50 range for several weeks in the region.
This is the first time in recent memory at least that the Mid-Atlantic spot gas price has slumped to below $1 in the region. New England and New York had the second cheapest spot gas prices on Oct. 5 at $1.50 and $1.59/mmBtu, according to EIA.
Northern California listed the most expensive spot natural gas price of any of the 10 organized markets tracked by EIA. The spot gas price in Northern California was $2.82, according to EIA.
Meanwhile, the New York Mercantile Exchange (NYMEX) energy futures price for natural gas via the Henry Hub was listed at $2.45/mmBtu for November delivery.