Natural Gas U.S. Prices

Natural gas U.S. prices averaged USD 4.46 per MMBtu in November, up 33.1% from October. On 28 November, the commodity traded at USD 4.86 per MMBtu, up 18.0% from 31 October.

November’s rise was the third in a row, the sharpest since May 2024, and brought prices to a 35-month high. U.S. LNG exports climbed a further 7.9% to a record level as European demand surged. Moreover, cold weather boosted heating demand, especially across the Northeast and Great Lakes. All in all, the margin between U.S. natural gas inventories and the five-year seasonal mean fell to 4.2% in the week to 21 November. That said, U.S. natural gas output increased 2.4% in November to a record high.