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The U.S. benchmark Henry Hub daily natural gas price averaged $1.50 per million British thermal units on February 20, 2024, the lowest price in inflation-adjusted dollars since at least 1997, according toPrices are adjusted for inflation based on the January 2024 Consumer Price Index.
U.S. dry natural gas production generally rose throughout 2023, averaging a record high of 105.7 billion cubic feet per day in, according to data from S&P Global Commodity Insights. Following a temporary decline in production in mid-January due to winter storm Heather, production has remained relatively high since January 26, averaging over 104.1 Bcf/d. Natural gas consumption in the U.S. residential and commercial sectors so far this winter heating season averaged about 5% lower than the five-year average, at 35.8 Bcf/d. Because of high production and relatively low consumption, less natural gas has been withdrawn from storage this winter. For the week ending February 16, U.S. working natural gas inventories averaged 12% above the year-ago average and nearly 22% above the five-year average, according to ourPrices are adjusted for inflation based on the January 2024 Consumer Price Index. Since February 7, the Henry Hub daily natural gas price has been below $2.00/MMBtu, reaching its lowest price on February 20; six of the record-low daily prices when adjusting for inflation occurred this month. The last time the Henry Hub price was this low was. In 2020, low prices were largely due to the economic effects of the COVID-19 pandemic, including low natural gas consumption, and the mild 2019–20 winter, which ended with The EIA collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment.
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