At the end of August, Henry Hub prices surged past $10 following a meteoric rise in natural gas benchmarks in Europe and amid soaring U.S. demand. On Wednesday, the Nymex November gas futures contract settled at $6.930/MMBtu, up 9.3 cents day/day. December futures climbed 6.2 cents to $7.236.

NGI’s U.S. Spot Gas National Avg. picked up 84.0 cents on Wednesday to $6.010.

Despite a two-day rally, though, futures have dropped so low that Mexico’s natural gas buyers are now facing prices that are lower than last year. NGI’s October Bidweek National Avg. dropped $3.320 month/month to $5.460. It was below the year-earlier average of $5.495.

[Market Moves: What is affecting the natural gas market today? From the LNG pause to climate goals, get the latest on what is top of mind...