Natural Gas Prices Surge, Inventories Drained Following Biden's EU Deal Thomas Catenacci
Energy & Environment Reporter
May 26, 2022 12:09 PM ET
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 for natural gas,” Kent Bayazitoglu, an energy analyst at the firm Baker & O’Brien, told The Wall Street Journal. “You can reduce your driving a lot easier than you can reduce your natural-gas consumption.”
“It’s like a roller coaster,” Bayazitoglu added. “You don’t get nervous going down, but going up.”
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https://dailycaller.com/2022/05/26/natural-gas-prices-inventories-joe-biden-european-union/
