With storage refilling at a faster-than-expected clip ahead of winter, the Energy Information Administration (EIA) has slashed its projected natural gas spot price for the remainder of 2022 and the first quarter of 2023.

EIA now expects Henry Hub spot prices to average around $6/MMBtu for 4Q2022 and 1Q2023, a discount of more than $1 versus projections issued a month earlier, the agency said in its latest Short-Term Energy Outlook (STEO), published Tuesday.

The latest STEO modeled an average natural gas spot price of close to $5.50 for November, with prices then rising to more than $6 in December and for the first quarter of next year. 

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