Natural Gas U.S. Prices

Natural gas U.S. prices averaged USD 2.94 per MMBtu in May, up 9.5% from April. On 29 May, the commodity traded at USD 3.27 per MMBtu, up 18.5% from 30 April.

After declining for five months and approaching post-pandemic lows, U.S. natural gas prices rebounded in May. U.S. output continued to ease from December 2025’s record, leading U.S. inventories to rise less than expected by analysts in the four weeks to 28 May. Moreover, warmer weather forecasts for June—tied to the El Niño weather pattern—are set to raise electricity demand ahead. That said, daily U.S. LNG exports fell to their lowest in the year to date due to spring maintenance, limiting the rally.