2025 U.S. NatGas Spot Prices Increased from 2024’s Record Low

In 2025, U.S. natural gas prices at the Henry Hub averaged $3.52/MMBtu, representing a 56% increase from the inflation-adjusted record lows of 2024. This upward trend was fueled by rising LNG export capacity and intense winter heating demand, punctuated by late-year polar vortex events. Although record-high summer production and reduced electric power sector consumption moderated prices mid-year, regional volatility persisted. While most hubs saw increases, the Northeast experienced dramatic spikes due to pipeline constraints.

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