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Price per million BTU of oil and natural gas in the US, 1998-2015. Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe.
Natural gas prices surged more than 20% on Monday after a wave of forecasts over the weekend predicted incoming arctic air could set the U.S. up for the coldest January in a decade or more.
NYMEX's business threatened some entrenched interests like big oil and government groups like OPEC that had traditionally controlled oil prices. NYMEX provided an "open market" and thus transparent pricing for heating oil, and, eventually, crude oil, gasoline, and natural gas.
NYMEX began offering standardized natural gas contracts with delivery at the Henry Hub in April 1990. In 2011, the Henry Hub was the site of a land dispute, in which Sabine sued to condemn land near the site of their hub, and expropriate it from the Broussard family, who had owned it for generations, arguing that it was acting in the national ...
And in Europe, natural gas prices jumped to 2024 highs this past week after Ukrainian troops crossed into Russia and claimed the capture of a key gas transit hub.
The current national gas price average is $3.62 per gallon. The average cost of gas has decreased 15% in the last two years, from when it was $4.27 per gallon .
Commodity [2] [3] Contract size Currency Main exchange Symbol Class III Milk: 200,000 lb: USD ($): Chicago Mercantile Exchange: DC Cash-settled Butter: 20,000 lb (~9 metric tons)
In the U.S., utility gas prices in September were 70% higher than in recent years. Europeans, who already pay much higher for natural gas, saw bills rise sharply by 50% — for example, in Estonia.