Henry Hub natural gas spot price averaged 6% lower this summer than last year

The Henry Hub natural gas spot price averaged $2.93 per million British thermal units from June through August, which is 6% less than the same period last year. This decrease occurred despite exceptionally hot weather, with the average temperature in the Lower 48 states reaching 77°F in July, which was the warmest ever for the month. Factors limiting price increases include increased renewable electricity generation (solar increased by an estimated 19.4 BkWh and wind by 9.3 BkWh), record natural gas production (estimated 2% higher from June through August 2026 than last year), and ample natural gas inventories, with working natural gas inventories starting 2026 at 1,906 Bcf, 4% more than the previous five-year average.