Natural Gas Price Outlook

Natural gas prices increased over the past month, as production cuts likely outweighed anemic demand conditions, but prices remained weak nonetheless. On 15 May, the Henry Hub Natural Gas price was USD 1.64 per one million British thermal units (MMBtu), which was up 3.1% from the same day in the previous month. However, the price was 25.1% lower on a year-to-date basis and was down 36.9% from the corresponding day in 2019. Prices picked up slightly at the end of April, likely due to anticipation of easing lockdown measures in the U.S. and warmer weather ahead, which should help kickstart demand. Moreover, oil and gas rig counts continued to taper in April–May, as suppliers slashed their output estimates for this year due to soft demand conditions. Nevertheless, prices dropped from a near five-month high on 5 May, as underground storage levels continued to accumulate—despite falling rig counts—indicating demand remains in the doldrums. In May, the EIA cut its natural gas consumption estimates for Q2 by 4.3%, while it sees demand for 2020 falling 3.9% below 2019’s level. Therefore, subdued demand estimates over the past two weeks have outweighed falling production, exerting downward pressure on prices.

Natural Gas Price History Data (USD per MMBtu, aop)

2015  2016  2017  2018  2019  
Natural Gas 2.63  2.55  3.02  3.07  2.53  

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Natural Gas Historical Price Chart


Natural Gas historical price chart
Note: U.S. Henry Hub Natural Gas, prices in in USD per Million of British Thermal Units (MMBtu). Daily prices.

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