Natural gas spot prices fell about 16% in eight days, and supplier gas prices followed. Henry Hub, the benchmark, went from $3.28 on October 19 to $2.52 on October 26 before bouncing to $2.76 on October 27. At the same term, posted business gas prices were lower than last week at every utility we could compare, by 1.0¢ to 5.1¢ per therm. Storage grew by 80 Bcf to 3,724 Bcf as of October 23, 38 Bcf (1.0%) above the five-year average. Posted business electricity prices did not fall: most edged up. Here's what that means for your next contract, and what I'd do.
This Week in 30 Seconds
- Spot gas dropped: Henry Hub was $2.76 on October 27, after a low of $2.52 on October 26 and $3.30 on October 15.
- Supplier gas prices followed: same-term business gas fixed prices were lower by 1.0¢ to 5.1¢ per therm (see the Rate Watch). If you buy gas, this is the move to look at.
- Storage is healthy: 3,724 Bcf as of October 23, 38 Bcf (1.0%) above the five-year average and 147 Bcf (3.8%) below last year, after an 80 Bcf build.
- Electricity did not follow gas: same-term business electricity prices were higher at 9 of 10 utilities we could compare, by 0.08¢ to 0.40¢ per kWh. Electricity prices have more drivers than spot gas.
- Electricity is the bigger story for PJM states: EIA's October outlook expects PJM wholesale power prices to average 41% higher in 2026.
- Defaults keep moving: Rhode Island's business default stepped up to 14.702¢ on November 1 and keeps climbing into January, and Pennsylvania's major utilities reset their defaults on December 1.
- My take: a gas price drop is the moment to ask for a quote, because supplier prices can rise as quickly as they fell. If your contract ends in the next six months, start now.
What This Means for You
- Businesses and congregations that buy natural gas: posted fixed prices dropped across the board this week, and heating season is when a fixed price matters most. A drop like this can reverse, and nobody can promise it holds. The useful comparison is your current price against a real quote. Our Rate Watch shows where the gaps to the default are widest.
- Businesses and nonprofits with an electricity contract ending in the next six months: don't assume cheaper gas means cheaper power. This week most posted electricity prices edged up, even as gas fell. Compare your price with a real quote, not with last week's posted price.
- Anyone on a utility default price: check the Price to Compare on your next bill, then compare it with a fixed offer. Our Price to Compare by utility page has the official figures we track.
- Schools and local governments: if your board has to approve the purchase, get it on the next agenda now. Offers can expire within days, and winter is the wrong time to wait on a meeting. Here's how to set that up.
- Larger, demand-metered accounts: watch capacity costs as well as energy. In PJM, capacity prices have climbed sharply since 2024 (here's what happened), and EIA now expects PJM wholesale power to be up 41% this year.
- Households: in Ohio, the defaults are posted and fixed prices are below them. In Illinois, the winter default is lower, so there's no rush. In Rhode Island, the default is moving the other way.
One honest caveat: nobody can promise where prices go next. Gas fell fast and could rebound just as fast. That uncertainty is exactly why a fixed price has value: it turns a guess into a number you can budget.
Henry Hub Natural Gas Prices
| Date | Henry Hub spot ($/MMBtu) | Change |
|---|---|---|
| Mon, Oct 12 | $3.10 | |
| Tue, Oct 13 | $3.14 | +$0.04 |
| Wed, Oct 14 | $3.22 | +$0.08 |
| Thu, Oct 15 | $3.30 | +$0.08 |
| Fri, Oct 16 | $3.22 | -$0.08 |
| Mon, Oct 19 | $3.28 | +$0.06 |
| Tue, Oct 20 | $3.10 | -$0.18 |
| Wed, Oct 21 | $3.01 | -$0.09 |
| Thu, Oct 22 | $2.95 | -$0.06 |
| Fri, Oct 23 | $2.78 | -$0.17 |
| Mon, Oct 26 | $2.52 | -$0.26 |
| Tue, Oct 27 | $2.76 | +$0.24 |
Source: EIA, Henry Hub natural gas spot price, latest data posted October 28, 2026 (through October 27). EIA's October Short-Term Energy Outlook forecasts an average of $3.48 for 2026 and $3.16 for 2027, written before this week's drop.
Natural Gas Storage
Working gas in U.S. storage was 3,724 billion cubic feet (Bcf) as of Friday, October 23, 2026, up 80 Bcf for the week. That is 38 Bcf (1.0%) above the five-year average and 147 Bcf (3.8%) below last year, according to the U.S. Energy Information Administration. This is the latest weekly report; the next one is due November 5.
| Region | Stocks (Bcf) | Weekly change |
|---|---|---|
| East | 913 | +13 |
| Midwest | 1,088 | +23 |
| Mountain | 258 | +1 |
| Pacific | 297 | 0 |
| South Central | 1,168 | +43 |
| Total | 3,724 | +80 |
Source: EIA Weekly Natural Gas Storage Report, released October 29, 2026. Regions may not sum exactly to the total because of independent rounding. The East region, where many of our Pennsylvania, Ohio, Maryland, and New England customers sit, was 913 Bcf, 2.4% above its five-year average.
What EIA expects for winter: its October outlook says homes that heat with natural gas are expected to spend less than last winter, while electrically heated homes are expected to spend slightly more. It assumes temperatures similar to last winter and the 10-year average. Heating-oil homes, mostly in the Northeast, face prices more than 30% higher. And for wholesale electricity, EIA expects the 2026 U.S. average to be $52 per MWh, 11% above 2025, with PJM up 41%. If your supply contract rides the market, that's the number to watch.
Source: EIA Short-Term Energy Outlook, released October 6, 2026 (the latest edition). Next release: November 10.
Default Prices to Know
- Rhode Island (up): the commercial variable price climbs month by month, as approved by the Rhode Island Public Utilities Commission. The November step is in effect now:
| Month | Commercial variable price (per kWh) |
|---|---|
| October | 13.896¢ |
| November (in effect now) | 14.702¢ |
| December | 17.502¢ |
| January | 19.654¢ |
Source: Rhode Island Energy's Last Resort Service tariff (effective October 1, 2026; approved by the Rhode Island Public Utilities Commission on September 24, 2026).
- Pennsylvania: PPL, PECO, Met-Ed, Penelec, Penn Power, and West Penn Power next change their default prices on December 1, 2026. See our Pennsylvania guide and Price to Compare by utility page.
- Maryland homes: Potomac Edison's default holds at 10.605¢ per kWh through May 31, 2027. BGE, Pepco, Delmarva Power, and SMECO publish new default prices monthly through the Maryland Office of People's Counsel. See our Maryland guide.
- Ohio homes: the default prices are posted by the Public Utilities Commission of Ohio. The next change for most utilities is January 1, 2027. See our Ohio guide.
- Illinois (lower for winter): Ameren Illinois's residential Price to Compare is 10.441¢ per kWh for the first 800 kWh through May 31, 2027, and ComEd's is 10.103¢ (Plug In Illinois). See our Illinois guide.
What I'd Do This Week
- Find your contract end date. If it's within six months, start shopping now. Our free Energy Contract Checkup takes 10 minutes.
- Compare your price with this week's Rate Watch, including the one market where the default is the better deal right now.
- Get a real quote. Posted prices are a starting point; quotes for your actual account are often lower.
We do the shopping for free. The supplier you choose pays us, and if nothing beats what you pay now, we'll tell you. Click below to start, or send a photo of your bill.
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FAQ
Why did gas prices fall but electricity prices rise?
Supplier electricity prices reflect more than spot gas: forward power markets, capacity costs, supplier costs, and demand all matter, and they differ by region. Cheaper gas is helpful context, not a promise that electricity prices will fall.
Should I lock a fixed price now?
If your contract ends within six months or you're on a utility default price, it's worth getting quotes now. Prices can move either way, so compare real offers for your account before deciding.
Why does EIA expect PJM power prices to rise?
EIA's October 2026 outlook says the 2026 average wholesale price in PJM is expected to be 41% higher than in 2025, driven largely by extreme weather earlier in the year, including a winter storm and a hot summer.
What is Henry Hub?
Henry Hub, in Louisiana, is the benchmark price point for U.S. natural gas. Regional prices, especially in the Northeast in winter, can trade well above it.
How often is this update published?
Weekly. Each update uses the latest public data from the U.S. Energy Information Administration and the utility commissions in our markets.