‘Like A Roller Coaster’: Natural Gas Prices Surge, Inventories Drained Following Biden’s EU Deal
U.S. natural gas prices have skyrocketed nearly 150% this year while inventory levels have shrunk, signaling more consumer pain ahead of the summer season.
The Henry Hub natural gas spot price, an indicator of nationwide prices, stormed past $9.30 per million British thermal units (MMBtu) Thursday, up from its early January price of $3.74 per MMBtu and the highest level since 2008, according to government data. U.S. natural gas inventories have been drained in recent months, declining 17.6% year-over-year and down 15.3% relative to their 2017-2021 average, additional data released Thursday showed.
“There’s almost no ceiling...