New England gas trades below Henry Hub
Natural gas prices at Algonquin Citygate, a benchmark hub in New England, averaged 43 cents per million British thermal units (MMBtu) below Henry Hub from April through July 2026. That is the second-largest discount for the period in Natural Gas Intelligence data going back to 1999.
Over the past several years, Algonquin has traded at a premium to Henry Hub in winter, when heating demand rises, and flipped to a discount in spring and summer as heating demand falls and solar generation increases. Algonquin prices have stayed relatively low in springtime in part because of access to low-cost natural gas from the Appalachian region.
Appalachia's discount widened
Appalachia supplied 31% of U.S. marketed natural gas production in 2025, more than any other region, and pipeline connections carry that gas into the Northeast. From April through July 2026, the Appalachia Regional average hub price ran 77 cents/MMBtu below Henry Hub, the second-widest discount ever reported.
Canadian imports hit a record
New England is also receiving a record-high volume of natural gas from Canada this year. Monthly net flows into the region averaged 0.4 billion cubic feet per day (Bcf/d) from April through July, more than 2.5 times the volume over the same months in 2025, according to S&P Global Energy data.
The increase in regional supply coincided with lower demand. Total New England natural gas consumption from April through July 2026 was 5% lower than the same period in 2025, S&P Global Energy data show. Electricity generation, one of the region's largest consumers of natural gas, burned 1.1 billion kilowatthours (BkWh) less gas-fired power, a 6% drop, over the same months, according to EIA's Hourly Electricity Grid Monitor. Wind generation rose 0.7 BkWh (59%) and utility-scale solar rose 0.2 BkWh (29%) over the same period.
Henry Hub gas itself traded at $3.06/MMBtu as of June 15, 2026, according to EIA data.
