Natural Gas Price Outlook
Natural gas prices fell over the past month as weaker-than-anticipated demand pulled less underground natural gas storage than previously expected. On 29 November, the Henry Hub Natural Gas price was USD 2.50 per one million British thermal units (MMBtu), which was down 5.3% from the same day in the previous month. Moreover, the price was 15.0% lower on a year-to-date basis and was down 46.2% from the corresponding day in 2018. Prices in the first half of November jumped as the likelihood of below-average temperatures in November increased in parts of the United States, with meteorologists projecting colder temperatures to linger longer in November. Consequently, heating demand was well above the five-year average, adding upward pressure to prices. That said, in the week ending 22 November, the fall in underground storage levels was significantly softer than the week prior and the same time last year, dragging on prices. Moreover, demand prospects weakened due to above-average temperature forecasts in the medium-term, which likely further hampered prices.Natural Gas Price History Data (USD per MMBtu, aop)
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