Natural gas spot prices are expected to rise amid summer cooling demand and continue to advance through the balance of 2025 as export activity ramps up, according to an updated federal forecast.

Line chart titled "US Natural Gas Prices" showing Henry Hub bidweek prices, residential prices, and forward-looking forecasts from 2020 through 2026. The graphic highlights seasonal volatility in residential prices and projected increases in Henry Hub forward prices through mid-2025, based on data from NGI and the U.S. Energy Information Administration's June 2025 Short-Term Energy Outlook.

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In the June release of its Short-Term Energy Outlook (STEO), published Tuesday, the U.S. Energy Information Administration (EIA) projected that Henry Hub spot prices would average $4.00/MMBtu for all of this year and $4.90 in 2026. The estimates compare with an actual average of $2.20 in 2024 and shoulder season prices this year that hovered around $3.00.

“We expect natural gas prices will rise in the coming months as the United States exports more LNG and demand for natural gas from the electric power sector increases seasonally,” EIA researchers said in the latest STEO.