Natural gas prices have been lifting off lackluster levels, responding to some moderately bullish fundamentals that could become increasingly supportive and drive prices back as high as the $4.000/MMBtu range by 2025, according to NGI.

The Henry Hub spot natural gas price fell 19.5 cents day/day to an average of $1.465 late last week. The price remained well below the record-high $10 level in 2022. That could change perhaps by year-end, but more likely in 2025, said NGI’s Leticia Gonzales, price and markets editor.

“We could get a cold winter and then higher price spikes, maybe during the peak winter months,” Gonzales said. “But it really is in that 2025 time frame that we would see the sustained level of $3 to $4 natural gas pricing.”

[Mexico Matters: Cross-border energy...