Henry Hub’s Wild Ride in 2022 – Highest Avg Price Since 2008

In 2022, the spot price for natural gas at the benchmark Henry Hub in southern Louisiana averaged $6.45 per million British thermal units (MMBtu), the highest annual average, in both real and nominal terms, since 2008. That's the highest average in 14 years. Most casual observers would attribute the high price to Putin's illegal invasion of Ukraine and Europe's sudden demand for non-Russian natgas--in particular, U.S. LNG. While there is no doubt Putin's war had an influence, the truth is natgas prices were already on the rise before the war. It was a wild ride in 2022. The U.S. Energy Information Administration (EIA) recaps the year...

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