Henry Hub natural gas prices this summer were 6% lower than last summer

Natural gas cost less this summer than last, even though it was hotter out. From June through August, the benchmark U.S. price (Henry Hub) averaged $2.93 per million British thermal units, 6% below the same months in 2025. That matters to homeowners because natural gas prices influence both home heating bills and electricity rates, since gas-fired power plants supply a lot of the grid.

Normally, extreme heat pushes gas prices up, since more air conditioning means power plants burn more gas. July was the hottest on record for the Lower 48 states. But prices stayed low for a few reasons. Solar and wind power grew enough to cover a good chunk of the extra summer electricity demand, easing the load on gas plants. At the same time, U.S. gas production hit record highs, and supplies in underground storage stayed well above the five-year average. That combination of more renewable power and ample gas supply kept prices in check despite the heat.

Looking ahead, storage levels are expected to stay strong heading into winter, projected to end October about 5% above the five-year average. That cushion suggests continued supply is unlikely to add pressure to home heating costs this winter, though prices can still shift with weather and demand. For homeowners, the takeaway is simply that broader trends in fuel supply and renewable growth, not just local weather, help shape what shows up on winter heating and electric bills.