EIA anticipates a winter average of $3.40/MMBtu for Henry Hub spot prices

U.S. natural gas inventories totaled 3,835 billion cubic (Bcf) feet at the end of October, 6% more than the five-year (2018–2022) average. The latest EIA short term energy outlook forecasts U.S. natural gas inventories will end the winter heating season (November–March) 21% above the five-year average with almost 2,000 Bcf in storage. Inventories are full because of high natural gas production and warmer-than-average winter weather, which reduces demand for space heating in the commercial and residential sectors. We forecast the Henry Hub spot price to average near $3.20 per million British thermal units (MMBtu) in November, down from a price […]