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EIA Forecasts 2023 Henry Hub Lower At 4.90$/MMBtu

NATURAL GAS

EIA revised down its forecast for US Henry Hub gas prices for this year as domestic consumption declines and LNG exports remain relatively flat according to the January short-term energy outlook released yesterday.

  • The US Henry Hub Gas prices is forecast to average 4.90$/MMBtu in 2023, down from previous estimates at 5.43$/MMBtu. Forecasts suggest an average price of 4.80$/MMBtu for 2024.
  • Overall this year, increases in US natural gas production, relatively flat LNG exports, and declining domestic consumption in the electric power and industrial sectors will limit upward pressure on prices.
  • Gas saw a dip in early-January amid mild weather, but prices are expected to rise back above 5$/MMBtu in late-January and stay above that in February as temperatures are expected to fall and LNG exports from Freeport LNG resume, increasing demand for natural gas.
  • Natural gas production in both the Permian and Haynesville regions is expected to grow with the completion of pipeline infrastructure expansions in 2023 and 2024.
Energy BulletsCommodities
Energy BulletsCommodities

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