Natural Gas Price Today: Henry Hub Near $3 as U.S. Output Rises and Waha Stays Negative

U.S. Henry Hub natural gas futures hovered around $3.45 per million British thermal units on Thursday as traders awaited the Energy Information Administration’s weekly storage update. The market has been volatile since Monday’s 25.7% drop—the largest single-day decline since 1995. Meanwhile, gas flows to the nation’s eight largest liquefied natural gas export terminals averaged 18.3 billion cubic feet per day in February so far, close to December’s record levels. This strong export demand helped counterbalance milder weather forecasts and steady production.

U.S. natural gas-linked stocks slipped on Friday as gas futures fell on expectations of weaker heating demand in early January.

The United States Natural Gas Fund sank 6.7% on Wednesday, the last U.S. trading session of 2025, tracking a sharp pullback in U.S. natural gas prices after traders leaned into a warmer weather outlook for early January.