The price of natural gas has dropped below $2 US for the first time in more than a decade.

Gas closed at $1.98 US per 1,000 cubic feet Wednesday, down five cents.

The last time natural gas touched $2 was Jan. 28, 2002, as it dropped to $1.91.

The Canadian benchmark, the Alberta one-month spot price, was down 2.3 per cent to $1.58 Cdn.

Natural gas prices have been tumbling all year. A mild winter and a production boom have left the U.S. with more natural gas than Americans can consume.

The glut has pushed prices down by 59 per cent since a peak last summer at $4.85.

The excess gas has benefited homeowners and businesses that use it to heat homes and power factories.

And with so much in supply, natural gas should remain cheap during the summer, barring an unexpected heat wave, analysts say.