The natural gas market was down on Wednesday, June 14, 2023, as warmer weather in the United States led to lower demand for the fuel. The Henry Hub spot price for natural gas fell by 1.32% to $2.31 per million British thermal units (MMBtu).
The warmer weather has also led to lower natural gas storage levels. As of June 13, 2023, total U.S. natural gas storage was 1.76 trillion cubic feet (Tcf), which is 17.1% below the five-year average for this time of year.
The decline in natural gas prices is a welcome relief to consumers, who have seen their energy bills rise in recent months. However, the decline in prices could also lead to lower investment in natural gas production, which could lead to higher prices in the future.