What is the "spot market price"?
The spot market price is the cost to purchase natural gas on the open market on any given day. Natural gas is traded at a number of market points, known as hubs. For most consumers, the easiest way to track the market price of natural gas is through the New York Mercantile Exchange (NYMEX). The business section of most newspapers, such as The Wall Street Journal, publishes commodity prices. Also, for current information on Natural Gas Costs and Futures go to: http://www.eia.doe.gov. East coast trading points that influence New England gas prices include Tennessee Zone 6, Tetco M3 and Dracut.
Please note that price spikes (up or down) in the daily spot market do not represent what Bangor Gas Company consumers are paying for natural gas for two reasons – first Bangor Gas’ prices are set based upon the estimated cost for the next month and secondly Bangor Gas may purchase a portion of its gas other than on a daily basis depending on its contracts and supply needs.