Natural Gas Prices

Henry Hub averaged USD 2.20 per one million British thermal units (MMBtu) in April, 8.9% lower than March’s price and down 67.5% from the same month last year. On 28 April, the fuel traded at USD 2.40 per MMBtu, up 10.6% from the same day of the previous month.

Prices declined for the fifth straight month in April and were the lowest since July 2020. In the four weeks to 26 April, U.S. gas consumption was down 17% compared to the prior four weeks. The number of heating degree days—the difference between the daily temperature mean and the temperature at which no heating is required—was 17% lower than normal in the three weeks to 20 April, reducing demand for heating. Meanwhile, U.S. gas production rose 0.7% month on month in April to a new record high, further contributing to a glut in supply. Gas flows to the U.S.’s seven-largest LNG terminals rose 6% month on month to a record high in April, but storage levels of U.S. gas remained eye-wateringly high at 22% above their 5-year seasonal average in the week ending 21 April.