Henry Hub gas eased in summer 2026

Henry Hub, the United States benchmark for natural gas, was cheaper this summer than last. The spot price averaged $2.93/MMBtu from June through August, 6% less than in the same three months of 2025, in figures published by the U.S. Energy Information Administration (EIA).

Weather pushed the other way. The EIA reports that the average temperature across the Lower 48 states reached 77°F in July, the warmest July on record in National Oceanic and Atmospheric Administration data, which lifted electricity demand for air conditioning.

Record output absorbed the heat

Supply took the strain. The EIA estimates that natural gas production was 2% higher from June through August 2026 than a year earlier, an increase of 2.7 Bcf/d, with the Permian the largest contributor. In its September Short-Term Energy Outlook the agency expects dry natural gas production to set a record 111.2 Bcf/d for 2026 as a whole. Maintenance at liquefied natural gas terminals also moderated demand growth from that sector.

Renewables and a full storage season

New solar and wind capacity carried part of the summer load. Against the same months of 2025, the EIA estimates solar generation rose by 19.4 BkWh (billion kilowatthours) and wind generation by 9.3 BkWh, while gas-fired generation rose by 7.5 BkWh.

Storage entered the injection season in April at 1,906 Bcf, 4% above the previous five-year average, and monthly injections stayed above their five-year averages in every month of the season through August except May. The agency's August outlook put Lower 48 working inventories at 3,985 Bcf at the end of October, 5% above the five-year average.

For a buyer or a charterer, the summer average matters less than the cushion behind it. The United States enters the heating season with inventories above their five-year average and production at record levels, which is the reference point for discussing delivered LNG cargoes and the freight that moves them. EMA Metrologistics trades crude oil, refined products and gas, and arranges their transport.

Source: U.S. Energy Information Administration (EIA), Today in Energy.