Natural gas prices have moved higher in 2025 after hitting unusually low levels the year before. Average spot prices at the Henry Hub benchmark rose to around US $3.52 per million British thermal units last year, up from a 2024 average of just US $2.54, the lowest annual figure in decades.
January saw short-term futures rebound from multi-month lows after colder weather forecasts and unexpected storage drawdowns pointed to higher near-term usage. At one point, the market added more than 3% in a single day, with contracts rising above US $3.25 per million Btu.
Liquefied natural gas shipments have continued at a strong pace, with near-capacity volumes leaving US terminals in early 2025. That outbound demand is keeping the domestic market tighter than it might otherwise be, particularly during winter when heating demand rises.
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