Milder weather and decreased demand resulted in U.S. natural gas spot prices averaging in 2020 the lowest in decades, since at least 1997, data from the Energy Information Administration (EIA) showed on Thursday. Early in 2020, demand for heating was lower than usual due to milder winter weather, while declining demand with lower economic activity during the pandemic dragged down consumption, production, and spot prices of natural gas for the remainder of the year. The average spot price of natural gas at the Henry Hub , the U.S. benchmark was $2.05 per million British thermal units (MMBtu) in 2020. The spot price hit record lows in the first half of 2020 due to mild winter early in the year and depressed demand later on with the pandemic. The average monthly Henry Hub spot price in the first six months of 2020 was $1.81/MMBtu. Monthly prices reached as low as […]