Northeast Gas Prices Fall Near $1 per MMBtu

Spot gas prices in the Northeast stayed close to $1 per MMBtu as heating demand ran behind last year.

Updated on Nov. 6, 2026 in Oil and Gas

Bold flat-color editorial illustration of a single steel pipeline crossing an open plain beside a rust-orange valve stack, in navy and cream, illustrating regional gas oversupply. — Spot natural gas in the Northeast traded near $1 per MMBtu on Thursday, far below the $2.61 Henry Hub benchmark, as weak heating demand left the region oversupplied. AI Illustration. Upload story photo >

Live Poll

Do you expect your home heating or utility bills to rise this winter?

Natural gas spot prices in the Northeast remained near $1 per MMBtu on Thursday, far below the Henry Hub benchmark of $2.610 per MMBtu averaged on Wednesday. Gas for Thursday delivery in the region sold for about $1, with Texas Eastern M-2 ticking up 5 cents to $1.100.

Why it matters

Heating demand in the East is running well behind last year, leaving the region with more gas than it needs. The wide gap between Northeast and national benchmark prices reflects that regional oversupply.

Spot prices were $1.06 at Texas Eastern M-3, $1.03 at Transco Zone 6 NY, and $1.31 at Algonquin Citygate, compared with $2.610 per MMBtu at Henry Hub on Wednesday. The data reflects daily spot quotations, and the source does not project when regional prices will converge with the national benchmark.

The details

Texas Eastern M-2 is the main pricing point for gas produced in southwestern Pennsylvania, West Virginia, and Ohio, and it rose 5 cents to $1.100 on Thursday. Mild fall weather in recent weeks preceded the low Northeast prices and weak heating demand.

Wednesday: Henry Hub spot price averaged $2.610 per MMBtu.
Thursday: Northeast gas for delivery sold near $1 per MMBtu; Texas Eastern M-2 rose 5 cents.

Market Landscape

Northeast spot prices trading at less than half the Henry Hub benchmark illustrate how regional supply and demand can pull gas prices far apart from the national reference point. The divergence is driven by a regional surplus of gas that the local market cannot absorb during a season of weak heating demand.

Households and businesses in the Northeast may see gas-linked costs stay comparatively low while regional spot prices remain near $1 per MMBtu. Buyers should watch how quickly heating demand recovers, since the source gives no timeline for price changes.

The takeaway

Regional natural gas prices can separate sharply from the national benchmark when local demand lags supply. Tracking both regional spot quotes and the Henry Hub average gives a clearer picture of where prices stand.