U.S. spot natural gas prices for the month of October fell to a 23-year low at the Henry Hub NG-W-HH-SNL benchmark in Louisiana, according to pricing data from financial firm LSEG.

Gas prices averaged $2.19 per million British thermal units (mmBtu) in October, their lowest since averaging $2.15 during the month in 2001. That compares with $2.99 in October 2023 and a five-year (2019-2023) average of $3.78 for the month.

So far in 2024, prices at the Henry Hub have averaged $2.12 per mmBtu.

In calendar 2023, gas fell to an average of $2.54 per mmBtu, its lowest since 2020 when prices collapsed to a 25-year low of $2.03 as pandemic lockdowns destroyed demand.

That compares with $6.42 in calendar 2022 and a five-year (2017-2021) average of $2.93.
Source: Reuters (Reporting by Scott DiSavino; editing by Barbara Lewis)