U.S. spot natural gas prices at the Henry Hub benchmark in Louisiana fell to a four-year low in May, according to data from financial firm LSEG.
Gas prices averaged $2.12 per million British thermal units (mmBtu) in May, their lowest since falling to a 25-year low of $1.75 during the month in 2020. That compares with $2.15 in May 2023 and a five-year (2019-2023) average for the month of $3.52.
So far in 2024, prices at the Henry Hub have averaged around $2.03 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.
(Reporting by Scott DiSavino)