Why Record Heat Failed to Lift U.S. Natural Gas Prices

Henry Hub natural gas averaged $2. 93 per million British thermal units from June through August, 6% below the same period last year, even with the Lower 48 posting its hottest July on record.

Average temperatures across the Lower 48 reached 77°F in July, according to NOAA, pushing electricity demand higher as air conditioners ran harder. Solar and wind took a large share of that extra power demand. Solar generation increased by an estimated 19.