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US Henry Hub natural gas prices hit three-year high in March

ReutersApr 1, 2025 10:48 AM

- U.S. spot natural gas prices for March rose to a three-year high at the Henry Hub NG-W-HH-SNL benchmark in Louisiana, according to pricing data from financial firm LSEG on Tuesday.

Gas prices averaged $4.13 per million British thermal units (mmBtu) in February, their highest level for that month since 2022. That compares with a 32-year low of $1.49 in March 2024 and a five-year (2020-2024) average of $2.62 for the month.

In calendar 2024, prices at the Henry Hub averaged a four-year low of around $2.19 per mmBtu, the lowest level since 2020 when prices collapsed to a 25-year low of $2.03 as pandemic-related lockdowns destroyed demand. NGAS/POLL

That compares with $2.54 in calendar 2023 and an average of $3.62 during the prior five years (2018-2022).

For a list of daily U.S. spot gas cash prices from SNL Energy, including Henry Hub, see 0#SNL-NG.

Prices are in U.S. dollars per mmBtu and are derived from LSEG data. The average for the year is from the U.S. Energy Information Administration:

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

EIA YEAR AVERAGE

2025

4.13

4.19

4.13

2024

3.18

1.72

1.49

1.60

2.12

2.54

2.08

1.99

2.28

2.19

2.10

3.02

2.19

2023

3.28

2.38

2.31

2.16

2.15

2.18

2.55

2.58

2.64

2.99

2.71

2.52

2.54

2022

4.38

4.69

4.90

6.59

8.14

7.70

7.28

8.80

7.88

5.69

5.40

5.53

6.42

2021

2.71

5.35

2.62

2.66

2.91

3.26

3.84

4.07

5.16

5.52

5.05

3.76

3.91

2020

2.02

1.91

1.79

1.74

1.75

1.63

1.76

2.30

1.92

2.39

2.59

2.57

2.03

2019

3.07

2.70

2.93

2.65

2.64

2.40

2.36

2.22

2.57

2.33

2.63

2.22

2.57

*2018

3.88

2.67

2.70

2.79

2.80

2.97

2.83

2.96

3.00

3.27

4.13

3.97

3.15

2017

3.26

2.82

2.87

3.08

3.12

2.94

2.96

2.88

2.96

2.87

2.99

2.76

2.99

2016

2.27

1.96

1.70

1.90

1.92

2.57

2.79

2.79

2.97

2.95

2.50

3.58

2.51

2015

2.97

2.85

2.80

2.58

2.84

2.77

2.83

2.77

2.65

2.32

2.08

1.92

2.63

2014

4.59

5.94

4.93

4.27

4.55

4.57

4.01

3.88

3.92

3.77

4.10

3.43

4.39

2013

3.34

3.32

3.66

4.07

4.12

3.98

3.68

3.44

3.60

3.61

3.57

4.04

3.73

2012

2.70

2.56

2.27

2.06

2.43

2.46

2.84

2.93

2.73

3.18

3.55

3.49

2.75

2011

4.37

4.22

3.86

4.24

4.35

4.46

4.42

4.22

3.88

3.67

3.35

3.17

4.00

2010

5.78

5.31

4.56

3.99

4.21

4.51

4.68

4.54

3.88

3.64

3.54

4.24

4.39

2009

5.64

4.53

4.03

3.56

3.62

3.68

3.62

3.27

2.88

3.99

4.00

5.04

3.95

2008

7.68

8.37

9.19

9.81

11.35

12.30

11.84

8.72

7.99

7.07

6.60

6.29

8.86

2007

6.22

7.64

7.33

7.61

7.56

7.48

6.51

6.19

5.85

6.61

7.24

7.14

6.98

2006

9.93

8.12

6.98

7.19

6.70

6.03

5.95

7.25

5.83

5.13

7.33

7.36

6.74

2005

6.14

6.22

6.67

7.24

6.60

7.04

7.38

8.65

11.51

14.09

11.96

12.26

8.81

2004

6.16

5.55

5.30

5.56

6.17

6.41

6.16

5.74

5.15

6.30

6.76

7.08

5.90

2003

5.18

6.58

7.30

5.16

5.55

5.92

5.13

4.86

4.78

4.62

4.51

5.54

5.49

2002

2.45

2.20

2.76

3.42

3.49

3.33

3.12

3.03

3.41

4.00

4.10

4.47

3.37

2001

9.17

5.81

5.14

5.28

4.43

3.73

3.14

3.04

2.25

2.15

2.67

2.40

3.96

2000

2.38

2.64

2.72

2.95

3.30

4.33

4.18

4.13

4.91

5.18

5.13

7.74

4.31

1999

1.80

1.79

1.73

2.03

2.30

2.29

2.29

2.72

2.69

2.68

2.65

2.28

2.27

1998

2.18

2.13

2.25

2.44

2.21

2.10

2.28

1.91

1.86

1.98

2.09

1.90

2.09

1997

3.83

2.53

1.85

1.93

2.23

2.27

2.19

2.36

2.72

3.13

3.13

2.42

2.50

1996

3.14

4.06

3.05

2.37

2.21

2.42

2.60

2.15

1.80

2.12

2.97

3.89

2.76

1995

1.61

1.46

1.50

1.59

1.65

1.66

1.47

1.50

1.63

1.73

1.92

2.42

1.69

1994

2.32

2.73

2.25

2.04

2.00

1.89

1.99

1.72

1.51

1.45

1.62

1.70

1.92

1993

2.00

1.71

2.01

2.27

2.33

2.04

2.03

2.24

2.29

2.03

2.21

2.21

2.12

1992

1.46

1.14

1.25

1.44

1.55

1.65

1.64

1.93

2.01

2.56

2.31

2.28

1.77

1991

1.68

1.36

1.34

1.33

1.32

1.25

1.17

1.26

1.47

1.69

1.84

1.90

1.49

1990

2.43

1.92

1.55

1.50

1.50

1.50

1.43

1.37

1.45

1.62

2.12

2.23

1.70

1989

----

1.70

1.50

1.53

1.66

1.69

1.66

1.59

1.52

1.60

1.89

2.22

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