Oil and gas executives in the Eleventh Federal Reserve District have modestly increased their expectations for the U.S. natural gas price by year-end, according to the latest survey by the Federal Reserve Bank of Dallas.

The Dallas Fed, as it is better known, conducts a quarterly survey of energy companies in the district, which covers Texas, southern New Mexico and Northern Louisiana.

Respondents in the third quarter edition predicted an average Henry Hub price of $3.14/MMBtu by the end of 2023, versus the $2.97 forecast in last quarter’s survey. By comparison, NGI’s Henry Hub Forward Fixed Price for Winter 2023/2024 delivery stood at $3.252/MMBtu as of Wednesday.

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