U.S. Natural Gas Price & Weather Weekly Briefing

Week: Apr 7 – 11, 2025. Natural gas prices retreat across all hubs as mild weather softens demand. LNG exports rise to Europe but drop in LATAM. HDDs remain elevated but begin seasonal decline.

The U.S. natural gas market enters mid-April under renewed bearish pressure, with spot prices retreating across all major hubs. Henry Hub and Houston Ship Channel fell to $3.43/MMBtu and $2.78/MMBtu, respectively, while Waha slid to $0.73/MMBtu, reflecting easing fundamentals and reduced heating-driven demand.

Forward curves declined at Henry Hub and HSC, while Waha futures strengthened modestly amid improved pipeline flows.

LNG exports remained elevated to Europe, though volumes to LATAM fell sharply.

HDD accumulation reached 3,824°F, near the upper bound of recent years, but forecasts point to a seasonal decline ahead.

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Henry Hub Pulls Back While HSC Extends Decline Amid Weaker Fundamentals

After reaching $4.04/MMBtu last week, Henry Hub spot prices declined to $3.43/MMBtu, pressured by ongoing macro uncertainty and a loosening supply/demand balance. The Houston Ship Channel followed suit, dropping to $2.78/MMBtu from the prior $3.37/MMBtu, as mild Gulf Coast weather and early storage builds continue to weigh on regional pricing.

Waha Retreats After Strong Rebound, Closing at $0.73/MMBtu

Waha prices slid to $0.73/MMBtu, reversing part of last week’s sharp rally that saw the hub reach $1.90/MMBtu following relief from pipeline maintenance constraints.