Our national update begins, as always, with the natural gas markets in the country which serve as the backdrop to—and primary determinant of—electricity prices in the US.  This summer saw the natural gas balancing components battling it out with strong power burn and LNG demand coming up against abundant storage balances and strong production, even after the latter declined sharply between February and May of this year.  Cash prices came into the summer slightly higher than the previous year, averaging $2.45 at Henry Hub in June compared to $2.12 in June of 2023.  This changed right away with the spot price falling to $2.07 in July and then $1.96 for August.  The price recovered by 26 cents to sit at $2.22 in September and further over the first few days of October but remained lower than the previous summer throughout.

Figure 1. Henry Hub Cash Price