A tropical storm in the Gulf of Mexico, cooler temperatures and word of progress in trade negotiations with China helped drive up natural gas prices last week, but continued strong production and storage levels still are threatening to hold down prices this winter.
The price of natural gas is important for Oklahoma’s economy. While the oil and natural gas industry in recent years primarily has focused on crude oil, the industry in Oklahoma still produces about 2.5 times more natural gas than oil.
Benchmark Henry Hub spot prices for natural gas gained 4 cents Friday to $2.36 per thousand cubic feet. The price is up almost 15 cents, or nearly 7%, from one week ago.