In 2020, natural gas spot prices at the national benchmark Henry Hub in Louisiana averaged $2.05 per million British thermal units (MMBtu), the lowest annual average price in decades. Prices started the year relatively low because mild winter weather led to less natural gas demand for space heating. Prices remained low as economic effects induced by the COVID-19 pandemic reduced both natural gas production and consumption.
Beginning in March, spring weather and responses to COVID-19 drove down natural gas demand, further lowering prices. The Henry Hub price averaged $1.66/MMBtu in June, the lowest monthly price in decades. Prices increased in the second half of the year because of lower natural gas production and an increase in liquefied natural gas (LNG) exports.
Natural gas consumed to generate electric power in the United States reached a record high, averaging 31.6 billion cubic feet per day (Bcf/d) in 2020, or 2% more than the 2019 average. This increase occurred despite slightly lower total U.S. electricity consumption this year. Natural gas consumed by electric power plants set a daily record high of 47.2 Bcf at the end of July, according to S&P Global Platts estimates, because of record-high summer temperatures and low summer prices.

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