LNG prices softened on a quarterly basis in Q3 2025, with Henry Hub spot prices averaging US$3.03/MMBtu, down 5.0% QoQ but still 43.2% higher YoY. The decline reflected sustained production strength, high storage levels, and weaker seasonal power demand, which offset July’s export-driven gains and a modest late-summer rebound in September. Despite robust U.S. LNG exports, domestic oversupply and mild weather conditions continued to cap prices.

The EIA envisages natural gas prices rising steadily through 2026, driven by expanding LNG export demand and stagnant production growth. Further, seasonal heating needs are expected to add short-term pressure, supporting a generally upward trajectory over the forecast period.

Average Natural Gas Prices (US$ per Million Btu)