The natural gas price at the U.S. benchmark Henry Hub declined by 41%, or $2.26 per million British thermal units (MMBtu), in January 2023 compared with December 2022, based on data from Refinitiv Eikon. The price decline was driven by warmer-than-average temperatures across the United States that reduced natural gas consumption for space heating and by increased natural gas production. In our February Short-Term Energy Outlook (STEO), we forecast the natural gas price at the Henry Hub will average $3.40/MMBtu in 2023.