Natural gas U.S. prices averaged USD 3.73 per MMBtu in January, up 8.1% from December. On 31 January, the commodity traded at USD 3.04 per MMBtu, down 16.3% from 31 December.
Prices hit a 25-month high in January. U.S. natural gas inventories continued to fall, coming in at 4.1% below their five-year average at the end of the month. U.S. demand for the fuel strengthened due to freezing weather in the month, and prospects for U.S. electricity demand improved amid reshoring and new data centers for AI. Supply-wise, freezing weather also knocked production below 100 billion cubic feet in mid-January, though it has since rebounded to a near-record high, tempering the price rally.
This chart displays Natural Gas U.S. (US$/MMBtu) from 2023 to 2024.
U.S. Henry Hub Natural Gas (prices in US$/MMBtu, aop)
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
---|---|---|---|---|---|---|---|---|
U.S. Henry Hub Natural Gas | 2.78 | 2.33 | 2.66 | 2.92 | 2.11 | 2.33 | 2.23 | 3.00 |