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Gas

Natural Gas Prices Plunge as Crisis Averted by Warm Winter

23 January 2023

Natural gas prices skyrocketed in 2022 as tensions between Europe and Russia over the invasion of Ukraine threatened to cut off supplies to one of the largest gas-consuming parts of the world. Now, however, a warm winter has brought less gas demand than anticipated, with the commodity dropping 51 percent in just under a month.

US natural gas prices fell from just under $7.00 per million British thermal units in mid-December, to $3.22 today. The decline is even worse from a mid-August peak, with prices down 68 percent from $10.03 per million British thermal units. Benchmark European natural gas futures also fell 50 percent over the past month.

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