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Posted January 14, 2022Today in Energy

EIA forecasts natural gas prices to remain near $4/MMBtu in 2022, slightly lower in 2023 ›

In our January Short-Term Energy Outlook (STEO), we forecast that the natural gas spot price at the U.S. benchmark Henry Hub will average $3.79 per million British thermal units (MMBtu) in 2022, slightly less than its 2021 average of $3.91/MMBtu. Natural gas prices increased between March and early October 2021, but they declined in the last three months of the year. We expect natural gas prices to decline slightly in 2023, averaging $3.63/MMBtu, as growth in dry natural gas production outpaces growth in domestic demand and exports. More

monthly Henry Hub natural gas spot price

Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2022

Data Highlights

WTI crude oil futures price

1/13/2022: $82.12/barrel

up$2.66 from week earlier
up$29.21 from year earlier

Natural gas futures price

1/13/2022: $4.270/MMBtu

up$0.458 from week earlier
up$1.543 from year earlier

Weekly coal production

1/8/2022: 9.745 million tons

down0.620 million tons from week earlier
down1.413 million tons from year earlier

Natural gas inventories

1/7/2022: 3,016 Bcf

down179 Bcf from week earlier
down199 Bcf from year earlier

Crude oil inventories

1/7/2022: 413.3 million barrels

down4.6 million barrels from week earlier
down68.9 million barrels from year earlier