Why U.S. Gas Prices Are Flat at $2.84
U.S. natural gas cost 2.84 USD/MMBtu on September 22, 2026, up 0.26% from the day before, according to TradingEconomics. MMBtu is just the unit used to price gas. CME Group listed Henry Hub futures, which track the main U.S. gas hub in Louisiana, at 2.837, up 0.001 or 0.04%, with trading volume of 487 as of 21 Sep 2026 07:46:02 PM CT.
Prices were flat after a weak August. The Wall Street Journal reported on Aug. 17 that futures fell because strong production and full storage outweighed extra demand from hot weather. Think of storage like a pantry. When it is already full, prices struggle to rise for long.
U.S. dry gas production in June 2026 was 4.83 Bcf/d, or 4.5%, higher than June 2025, when production was 107.50 Bcf/d, according to the EIA. Bcf/d means billion cubic feet per day. The EIA expects production to grow by 4.5 Bcf/d in 2026 and by 4.6 Bcf/d in 2027.
Demand helped a little. The Wall Street Journal reported on June 16 that U.S. futures held steady with help from more gas flowing to export plants and warmer forecasts. Gas to export plants is called LNG feedgas. An earlier note on July 31, 2025, cited NatGasWeather.com that more feedgas demand and a hot second week of August likely helped lift futures. In April 2025, futures traded around $3 as mild spring weather cut demand while production rose and feedgas flows slipped.
Golden Pass LNG is the only new U.S. LNG export terminal expected to begin shipments in 2026, according to the EIA. The EIA reported East Asia LNG cargoes at a weekly average of $10.73/MMBtu, an increase of $1.14/MMBtu.
For later months, NGX26 was quoted at 3.032, down 0.007 or 0.23%, according to CME Group. NGV26 was listed at 2.929, down 0.046 or 1.55%, on volume of 1,912. November was above $3 while current Henry Hub was near $2.84.
The broader context here is simple. There is a lot of gas around, so price jumps run out of room fast. Extra supply of more than 4 Bcf/d covers much of the added need from power plants and exports. That leaves weather as the main driver for short-term prices, with focus on storage before winter and on steady export-plant use. For winter contracts, the price gap over today and the start time for Golden Pass are the main things to watch this year.
