Natural gas prices fall to lowest level since 1999

Pipelines run from the offshore docking station to the four LNG tanks capable of holding 2.5 billion cubic feet of LNG apiece as shown Friday, June 13, 2003, at the Dominion Liquified Natural Gas facility in Cove Point, Md. The facility is curently constructing a fifth tank and is expected to start receiving overseas LNG shipments at their off shore docking station around late spring of this year. (AP Photo/Matt Houston)
(AP Photo/Matt Houston)

Natural gas prices averaged out at their lowest level in nearly two decades, the U.S. Energy Information Administration reported Friday.

The Henry Hub national benchmark only averaged $2.49 per million British Thermal Units, a fraction of what prices were a decade ago when prices spiked at more than $12 per million BTUs.

“Warmer-than-normal temperatures for most of the year and changing natural gas demand were the main drivers of natural gas prices in 2016,” EIA said.