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US Gas Prices Fall 34% in H1 23: EIA

NATGAS

Average Henry Hub monthly spot natural gas prices fell 34% between January and June, according to the EIA citing Refinitiv Eikon data.

  • The first half of 2023 saw the average monthly Henry Hub prices at $2.18/MMBtu, the lowest since June 2020, when adjusted for inflation.
  • Natural gas consumption was tepid over this period due to a mild winter, which had a downside effect on prices. The consumption fall was led by the falls in demand from residential and commercial sectors.
  • US natural gas production has outpaced demand thus far in 2023, according to the EIA.
  • However, EIA forecasts Henry Hub prices to increase from the current price between July and December 2023 as declining natural gas production narrows the existing surplus of natural gas inventories. Henry Hub will average $2.83/MMBtu for the remainder of 2023, according to the July Short-Term Energy Outlook.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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