The weekly natural gas update reports Henry Hub spot falling to $3.19/MMBtu and the June 2025 NYMEX contract declining to $3.368/MMBtu during the week ending May 23. Regional spot prices moved mixed, with Waha down 52 cents and FGT Citygate up 22 cents on Southeast cooling demand.
The 12-month strip fell 8 cents to $4.097/MMBtu.
Lower spot and futures prices reduce near-term gas input costs, though the higher 12-month strip signals firmer prices ahead for fertilizer and energy budgets.
After 62 past bearish report events, NATGAS moved a median -3.0% over 5 sessions (42% higher; middle half -7.6% to +4.6%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.