Natural gas spot prices are set to average $5.53/MMBtu over the next few months as near-average winter inventory draws and higher liquefied natural gas (LNG) exports figure to help keep prices elevated into early 2022, the Energy Information Administration (EIA) said Tuesday.

In its latest Short-Term Energy Outlook (STEO), EIA reported an average Henry Hub spot price of $5.51 for October, up from $5.16 in September and well above the $3.25 average seen through the first half of 2021.

The steep gains for the domestic benchmark in recent months have coincided with continued power generation demand for the fuel even at higher prices, along with strong demand for LNG overseas, according to EIA.

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