Energy content, statistics and pricing
The price of natural gas varies greatly depending on location and type of consumer. In 2007, a price of $7 per 1,000 cubic feet (28 m3) was typical in the United States. The typical caloric value of natural gas is roughly 1,000 British thermal units (BTU) per cubic foot, depending on gas composition. This corresponds to around $7 per million BTU, or around $7 per gigajoule. In April 2008, the wholesale price was $10 per 1,000 cubic feet (28 m3) ($10/MMBTU). The residential price varies from 50% to 300% more than the wholesale price. At the end of 2007, this was $12–$16 per 1,000 cu ft (28 m3). Natural gas in the United States is traded as a futures contract on the New York Mercantile Exchange. Each contract is for 10,000 MMBTU (~10,550 gigajoules), or 10 billion BTU. Thus, if the price of gas is $10 per million BTUs on the NYMEX, the contract is worth $100,000.