BAKU, Azerbaijan, May 7. U.S. natural gas prices have seen a notable decrease in recent months, with the Henry Hub spot price settling at $3.12 per million British thermal units (MMBtu) on April 30, 2025, down from $3.96/MMBtu at the start of the month, according to the data provided by the U.S. Energy Information Administration (EIA), Trend reports.
The average spot price for April was $3.44/MMBtu, marking a 68-cent drop from March.
Several factors have contributed to this price decline. While demand has remained steady, the warmer-than-usual start to spring reduced residential and commercial demand, despite a steady rise in U.S. LNG exports. Additionally, strong production of dry natural gas has helped stabilize prices. As a result, natural gas inventories have returned to the five-year average by the end of April, with 331 billion cubic feet (Bcf) injected into storage during March and April, far exceeding the five-year average of 135 Bcf.
However, the EIA now forecasts that less natural gas will be injected into storage for the remainder of the season, leading to a projected storage level of 3,670 Bcf by the end of October. This is about 3% below the five-year average.
Consequently, the EIA expects higher natural gas prices in the coming years, with an average Henry Hub spot price of $4.10/MMBtu in 2025, rising to $4.80/MMBtu in 2026. This marks an increase of $0.80–$1.00/MMBtu from earlier forecasts.
