What is the outlook for the natural gas spot price in 2024 and 2025?

We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per million British thermal units (MMBtu), in our February Short-Term Energy Outlook (STEO). We forecast increases in natural gas prices as demand for natural gas grows faster than supply in 2024.