Last reviewed on October 3, 2026.
2025 was the year U.S. LNG exports took a step change higher, and Henry Hub prices recovered from the very low levels of 2024. EIA data put the 2025 average Henry Hub spot price at $3.52/MMBtu, up from $2.19 in 2024.
2025 at a glance
Month by month
| 2025 | Henry Hub spot (avg) | Dry production (Bcf/d) | LNG exports (Bcf/d) |
|---|---|---|---|
| January | $4.13 | 104.3 | 13.4 |
| February | $4.19 | 104.9 | 14.6 |
| March | $4.12 | 107.3 | 14.8 |
| April | $3.42 | 106.9 | 14.9 |
| May | $3.12 | 106.5 | 14.0 |
| June | $3.02 | 107.5 | 13.5 |
| July | $3.20 | 108.0 | 14.1 |
| August | $2.91 | 108.6 | 14.6 |
| September | $2.97 | 108.3 | 15.1 |
| October | $3.19 | 107.3 | 16.2 |
| November | $3.79 | 110.3 | 17.5 |
| December | $4.26 | 111.6 | 18.4 |
Prices: firm winter, soft summer, strong finish
The year opened with monthly averages above $4/MMBtu in January through March; the highest daily spot price of the year was $9.86 on January 17, ahead of a mid-January cold spell. Prices eased through the spring and summer as production grew, bottoming at a monthly average of $2.91 in August (the lowest daily print was $2.65 on June 13). They climbed again in the fourth quarter, with December averaging $4.26 as heating demand and new LNG capacity both pulled on supply.
Production: a new high
U.S. dry natural gas production averaged about 107.6 Bcf/d in 2025, roughly 4.6 Bcf/d more than in 2024. Most U.S. gas comes from Appalachia (Marcellus and Utica), the Permian Basin and the Haynesville; see our guide to U.S. shale basins.
LNG: the biggest change
LNG exports rose from 11.9 Bcf/d in 2024 to 15.1 Bcf/d in 2025, with monthly exports passing 18 Bcf/d by December. Much of the increase came from new liquefaction capacity, notably Venture Global's Plaquemines LNG and Cheniere's Corpus Christi Stage 3 expansion. More detail is in our 2026 LNG exports update.
Storage
Working gas fell to 1,698 Bcf in early March 2025 after a cold January, then rebuilt to a seasonal peak of 3,950 Bcf in the week ending November 7, 2025. The storage hub compares 2026 with 2025 and the five-year range.
What 2025 set up for 2026
Higher LNG demand made the market more sensitive to winter weather, which showed in January 2026: a short-lived spot price spike to $30.72/MMBtu and a record-equalling 359 Bcf storage withdrawal. Our winter 2025–26 recap covers what happened, and the price history page puts both years in long-run context.
Sources: EIA Henry Hub spot price (daily, monthly, annual), EIA monthly dry natural gas production and LNG exports, EIA weekly storage. Bcf/d values are monthly or annual volumes divided by days.