Henry Hub Natural Gas Spot Price
Natural gas often sets marginal power prices in the U.S. — the key input cost for electricity generation.
$3.0
Trend YoY growth is +1.9%, slowing by 100 bps/month over the last 5Y. Deviations have remained below trend for 40 consecutive periods. Latest: -23.4%, 25.3 pp below trend, a 0.3σ deviation. The latest YoY reading is depressed by 115.5 pp due to an tough comparison base from Apr 7.
Level
YoY %
y = 62.2% − 100 bps/mo · t
Deviation from trend
Forecast
Rolling 1Y trend forecast
| Forecast made in | May '25 | Jun '25 | Jul '25 | Aug '25 | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 | Mar '26 | Apr '26 | May '26 | Jun '26 | Jul '26 | Aug '26 | Sep '26 | Oct '26 | Nov '26 | Dec '26 | Jan '27 | Feb '27 | Mar '27 | Apr '27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| May '25 | +123.9% | +139.3% | +154.2% | +169.6% | +185.0% | +199.9% | +215.2% | +230.1% | +245.5% | +260.9% | +274.8% | +290.2% | +305.1% | +320.5% | +335.3% | +350.7% | +366.1% | +381.0% | +396.4% | +411.3% | +426.7% | +442.1% | +456.0% | +471.3% |
| Jun '25 | +117.7% | +131.2% | +145.2% | +159.1% | +172.6% | +186.6% | +200.1% | +214.0% | +228.0% | +240.6% | +254.5% | +268.0% | +281.9% | +295.4% | +309.4% | +323.3% | +336.8% | +350.8% | +364.3% | +378.2% | +392.2% | +404.8% | +418.7% | |
| Jul '25 | +112.2% | +124.6% | +137.1% | +149.2% | +161.6% | +173.7% | +186.2% | +198.7% | +209.9% | +222.4% | +234.5% | +246.9% | +259.0% | +271.5% | +284.0% | +296.0% | +308.5% | +320.6% | +333.0% | +345.5% | +356.8% | +369.3% | ||
| Aug '25 | +104.5% | +114.5% | +124.3% | +134.3% | +144.1% | +154.2% | +164.2% | +173.3% | +183.4% | +193.1% | +203.2% | +212.9% | +223.0% | +233.1% | +242.8% | +252.9% | +262.6% | +272.7% | +282.8% | +291.9% | +301.9% | |||
| Sep '25 | +91.3% | +97.8% | +104.6% | +111.1% | +117.9% | +124.6% | +130.7% | +137.5% | +144.0% | +150.8% | +157.3% | +164.1% | +170.8% | +177.3% | +184.1% | +190.6% | +197.4% | +204.1% | +210.2% | +217.0% | ||||
| Oct '25 | +71.8% | +74.7% | +77.4% | +80.2% | +83.0% | +85.6% | +88.4% | +91.1% | +93.9% | +96.7% | +99.5% | +102.3% | +105.0% | +107.9% | +110.6% | +113.4% | +116.2% | +118.8% | +121.6% | |||||
| Nov '25 | +60.4% | +59.7% | +58.9% | +58.2% | +57.5% | +56.7% | +56.0% | +55.2% | +54.5% | +53.7% | +53.0% | +52.2% | +51.5% | +50.7% | +50.0% | +49.2% | +48.5% | +47.8% | ||||||
| Dec '25 | +50.5% | +46.6% | +42.8% | +39.3% | +35.5% | +31.8% | +27.9% | +24.2% | +20.4% | +16.5% | +12.8% | +9.0% | +5.3% | +1.4% | -2.4% | -5.9% | -9.7% | |||||||
| Jan '26 | +28.0% | +20.3% | +13.4% | +5.7% | -1.7% | -9.4% | -16.8% | -24.5% | -32.2% | -39.6% | -47.3% | -54.7% | -62.4% | -70.1% | -77.0% | -84.7% | ||||||||
| Feb '26 | +38.1% | +31.9% | +25.1% | +18.6% | +11.8% | +5.2% | -1.6% | -8.3% | -14.9% | -21.7% | -28.3% | -35.0% | -41.8% | -48.0% | -54.7% | |||||||||
| Mar '26 | +24.8% | +18.4% | +12.3% | +6.0% | -0.1% | -6.5% | -12.8% | -18.9% | -25.2% | -31.3% | -37.7% | -44.0% | -49.7% | -56.0% | ||||||||||
| Apr '26 | +18.3% | +13.9% | +9.2% | +4.8% | +0.1% | -4.5% | -9.0% | -13.6% | -18.1% | -22.7% | -27.3% | -31.5% | -36.1% |