We expect the U.S. benchmark natural gas spot price at the Henry Hub to decrease about 2% to just under $3.50 per million British thermal units (MMBtu) in 2026 before rising sharply in 2027 to just under $4.60/MMBtu, according to our January Short-Term Energy Outlook (STEO). We expect the annual average Henry Hub price in 2026 to decrease slightly as annual supply growth keeps pace with demand growth over the year. However, in 2027, we forecast demand growth will rise faster than supply growth, driven mainly by more feed gas demand from U.S. liquefied natural gas (LNG) export facilities, reducing the natural gas in storage. We forecast annual average spot prices will decrease by 2% in 2026 and then increase by 33% in 2027.
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01-14-2026
In 2025, the wholesale U.S. natural gas spot price at the national benchmark Henry Hub in Louisiana averaged $3.52 per million British thermal units (MMBtu), based on data from LSEG Data. The 2025 average Henry Hub natural gas spot price increased 56% from the 2024 annual average, which-when adjusted for inflation-was the lowest on record. On a daily basis, the Henry Hub natural gas spot price ranged from $2.65/MMBtu to $9.86/MMBtu, reflecting a narrower range of daily prices compared with the previous year.
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01-09-2026
The U.S. retail price for regular grade gasoline averaged $3.10 per gallon (gal) in 2025, $0.21/gal less than in 2024. This year marks the third consecutive year of declining nominal retail gasoline prices, according to data from our Gasoline and Diesel Fuel Update.
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01-07-2026
Crude oil prices generally declined in 2025 with supplies in the global crude oil market exceeding demand. Crude oil inventory builds in China muted some of the price decline. Events such as Israel's June 13 strikes on Iran and attacks between Russia and Ukraine targeting oil infrastructure periodically supported prices.
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01-05-2026
Below is a list featuring some of our most popular and favorite articles from 2025. We will resume regular Today in Energy publications on January 5, 2026. Thanks for your continued readership of Today in Energy.
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12-22-2025
