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Lower 48 Storage Deficit, Rising Demand Set Stage for Natural Gas Price Gains Through 2026, EIA Says

Natural Gas Intelligence · last updated

Below-normal temperatures in January and February led to higher natural gas consumption, causing natural gas inventories to draw sharply lower and Henry Hub spot prices to climb, with more gains expected through 2026, according to updated federal forecasts.

Graph denoting Natural Gas Intelligence’s (NGI) the historical Henry Hub bidweek natural gas price, forward curve, annual average and residential natural gas price, annual average and forecast price using data from the U.S. Energy Information Administration’s Short-Term Energy Outlook.

In the March Short-Term Energy Outlook (STEO) released Tuesday, U.S. Energy Information Administration (EIA) researchers noted that spot gas prices in February averaged $4.19/MMBtu, up from $4.14 in January.

The average price for the first two months of this year was more than 80 cents higher than EIA forecast in its October Winter Fuels Outlook (WFO), researchers noted.

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