Natural gas spot prices at Henry Hub are on track to average $7.54/MMBtu for the second half of 2022 before falling to $5.10 in 2023 on rising production, the Energy Information Administration (EIA) said in its latest monthly forecast.

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Prices at the national benchmark averaged $7.28 in July, EIA said in the updated edition of its Short-Term Energy Outlook, published Tuesday. That’s down sequentially from average prices of $7.70 in June and $8.14 in May, owing to incremental slack in the market following the extended outage at the Freeport LNG terminal, researchers said.

However, prices strengthened markedly between July 1 and July 29 amid “continued high demand” in the power sector, according to the agency.

“During May, June and July, the United States experienced 800...