U.S. spot natural gas prices at the Henry Hub benchmark in Louisiana rose to a 14-year high in May as soaring prices around the world kept demand for U.S. liquefied natural gas (LNG) strong.
In May 2022, gas prices averaged $8.14 per million British thermal units (mmBtu). That compares with $2.91 during the same month in 2021 and a five-year average (2017-2021) of $2.64. In May 2008, prices averaged $11.35, a record for that month.
Gas prices in Europe, meanwhile, averaged a much higher $28.96 per mmBtu in May because of concerns over supply disruption as European countries impose further sanctions on Moscow following Russia’s invasion of Ukraine on Feb. 24.
To capture those European prices, U.S. energy firms sent an average of 12.5 billion cubic feet per day (bcfd) of gas to the country’s seven liquefaction plants in May to be turned into LNG for export. That was slightly less than March’s monthly record of 12.9 bcfd due to spring maintenance at some of the LNG plants.
One billion cubic feet of gas is enough to supply about 5 million U.S. homes for a day.
So far in 2022, U.S. gas prices have averaged $5.75 per mmBtu. That compares with a seven-year high of $3.91 in 2021 and a five-year average of $2.93. In 2020, prices collapsed to a 25-year low of $2.03 due to coronavirus demand destruction.
For a list of daily U.S. spot gas cash prices, including Henry Hub, see.
Prices are in U.S. dollars per million British thermal units and are derived from brokerage firm SNL data. The average for the year is from the U.S. Energy Information Administration (EIA).