Don’t look now, but cheap natural gas isn’t quite as cheap as it was a few months ago.
The Energy Information Administration (EIA) on June 29 reported a price for July delivery of natural gas at $2.92/mmBtu. That’s about 15 cents more expensive than one week earlier and about $1.12 more expensive than one year ago.
GenerationHub reported March 31 that EIA figures showed natural gas prices had hit the $2/mmBtu milestone after spending a long period below that benchmark. Back in December a couple of organized markets reported daily natural gas prices at below $1.
Hotter weather has increased power demand while wind and hydro power output have dipped recently causing power generators to burn more natural gas and coal, the Wall Street Journal reported June 29.