The U.S. Energy Information Administration (EIA) has raised its Henry Hub spot price forecast for 4Q2023 to $3.03/MMBtu, though the agency spotlighted storage levels that remain on the high side of historical norms.  

EIA in its latest Short-Term Energy Outlook modeled a Henry Hub spot price of $3.31 for 1Q2024, which would compare bullishly to 1Q2023 prices of $2.65. However, going back to the start of last winter, the national benchmark saw prices of $5.55 during the fourth quarter of 2022, EIA data show.

In last month’s STEO, EIA predicted an average Henry Hub spot price of $2.95 for 4Q2023.

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The agency forecast total domestic natural...