EIA Sees Higher Natural Gas Prices This Winter

Dow Jones12-10

By Anthony Harrup

The U.S. Energy Information Administration raised its natural gas price expectations for this winter with a cold start to December pushing up demand for heating.

In its Short Term Energy Outlook, the EIA forecasts natural gas at Henry Hub in Louisiana to average $4.30 per million British thermal units over the November-March period, 22% above last winter and more that 40 cents higher than its previous estimate.

"The revision is driven primarily by colder-than-expected weather in December which we expect will increase space heating demand," the agency said in the report released Tuesday. "We now forecast the residential and commercial sectors will consume 6% more natural gas in December than we forecast last month, reducing the amount of natural gas held in storage."

Still, the EIA expects a milder-than-usual start to 2026 and higher production to help moderate prices after the winter. For all of 2026, it projects an average spot price at Henry Hub of $4 per million Btu.

Natural gas inventories were above 3.9 trillion cubic feet at the end of November, or 5.1% above the five-year average. The EIA said it expects inventories to end the winter at 2 trillion cubic feet, or 9% above the five-year average.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

December 09, 2025 15:45 ET (20:45 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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