U.S. natural gas production and consumption decreased in 2020 because of mild winter weather and the COVID-19 pandemic’s effect on demand, according to our recently released Natural Gas Annual. Less natural gas was consumed in the United States, which pushed prices down; the annual Henry Hub spot price for 2020 averaged $2.03 per million British thermal units (MMBtu), the lowest annual price since 1997. The low prices contributed to record-high levels of natural gas exports and consumption in the electric power sector in 2020.