Following a summer in which robust production helped loosen supply/demand balances, U.S. natural gas consumers are expected to see lower and more stable prices this winter, according to the American Gas Association (AGA).

In its Winter Heating Outlook 2023, published Monday, AGA said home heating prices are expected to decline by an average of 21% year/year from 2022 to 2023. The decrease is a result of an expected 45% year/year decline in wholesale prices at the Henry Hub, the benchmark for the U.S. natural gas market.

NGI data shows Henry Hub prices averaging $2.765 for October 2023 bidweek, which was down sharply from last year’s October bidweek average of $5.460. Henry Hub cash prices, meanwhile, averaged $3.170 on Monday, while forward prices show Henry Hub averaging...