Average U.S. Natural Gas Prices Plunged by 62% in 2023

Record-high natural gas production, flat demand, and high inventories resulted in U.S. benchmark natural gas prices averaging $2.57 per million British thermal units (MMBtu) in 2023, down by around 62% compared to the 2022 average, the U.S. Energy Information Administration (EIA) said on Thursday. The monthly average Henry Hub price was below $3.00 per MMBtu in every month last year, except January, with the lowest monthly average in May at $2.19 per MMBtu, according to the data from Refinitiv Eikon cited by the EIA. In the…