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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.
The unit Mbtu is used in natural gas and other industries to indicate 1,000 Btu. [12] [13] However, there is an ambiguity in that the metric system (SI) uses the prefix "M" to indicate 'Mega-', one million (1,000,000). Even so, "MMbtu" is often used to indicate one million Btu particularly in the oil and gas industry. [14]
Price per million BTU of oil and natural gas in the US, 1998-2015 Natural gas prices spiked to $23.86 on February 17, 2021 because of the Texas power crisis. [14] In February 2003 there was a similar spike in natural gas prices because of shortages. [15]
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.
The price of natural gas varies greatly depending on location and type of consumer. The typical caloric value of natural gas is roughly 1,000 BTU per cubic foot, depending on gas composition. Natural gas in the United States is traded as a futures contract on the New York Mercantile Exchange. Each contract is for 10,000 million BTU or 10 ...
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.
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