29 December 2022 | Other

Headings for gas prices in the U.S.

The latest forecast by the U.S. Energy Information Administration (EIA) shows that in 2022 the spot price of Henry Hub gas will average $6.48 per million British thermal units (MMBtu), and in 2023 it will be $5.43 per MMBtu.

The gas price is expected to jump to $6.17 in the first quarter of the next year, and in the second quarter it is expected to drop to $5. In the third quarter of 2023, a slight increase is expected to $5.18 and in the fourth quarter to $5.35.

The EIA report states expectations for higher demand of natural gas in winter and an increase in LNG exports. As a result, natural gas prices are expected to rise, compared to November levels.

The EIA added that it expects a decline of natural gas prices in January due to U.S. inventories approaching the previous 5-year average. The main reason is the increase in U.S. natural gas production.

The EIA warned of remaining high volatility in prices.

On January 4, the gas price was $3.71 per MMBtu, which was the lowest level for 2022. On August 22, the gas price was $9.68 per MMBtu, which was the highest for 2022.

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