# EIA Further Slashes Henry Hub Natural Gas Forecast After Record-Warmth in January, February

> The EIA raised its projected end-March natural gas storage carryout to over 1.9 Tcf and cut its 2023 Henry Hub forecast to about $3.00/MMBtu. Residential and commercial demand is on track to fall 11% year on year in the first quarter.

- Date: 2023-03-09 · published 2023-03-09T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/37038-eia-further-slashes-henry-hub-natural-gas-forecast-after-record-warmth-in
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

A large storage surplus and sharply lower price outlook signal weak gas costs through 2023, which lowers fertilizer and energy input expenses for feed producers.

## Read by commodity

- UREA: bearish ▼
- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2018-01-09 | [EIA Slashes 2018 Henry Hub NatGas Price Forecast to $2.88/MMBtu](https://feedsoft.ai/events/7024-eia-slashes-2018-henry-hub-natgas-price-forecast-to-2-88-mmbtu.md) | +44.4% | -3.8% |
| NATGAS | 2023-02-01 | [EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024](https://feedsoft.ai/events/37942-eia-forecasts-lower-wholesale-u-s-natural-gas-prices-in-2023-and-2024.md) | -7.6% | +1.2% |
| NATGAS | 2020-07-14 | [US Henry Hub natural gas spot prices hit record lows \| Hydrocarbon Engineering](https://feedsoft.ai/events/52293-us-henry-hub-natural-gas-spot-prices-hit-record-lows-hydrocarbon-engineering.md) | -4.0% | +24.2% |
| NATGAS | 2024-07-18 | [IEA Forecasts Lagging LNG Demand, Further Global Natural Gas Price Slides Through 2024](https://feedsoft.ai/events/29454-iea-forecasts-lagging-lng-demand-further-global-natural-gas-price-slides.md) | +2.5% | +9.6% |
| NATGAS | 2017-09-28 | [Natural gas prices shed over over percent after US inventory buildup](https://feedsoft.ai/events/69140-natural-gas-prices-shed-over-over-percent-after-us-inventory-buildup.md) | -3.6% | -0.9% |
| UREA | 2020-06-25 | [US working natural gas volumes in underground storage rise by 120 Bcf: EIA \| S&P Global](https://feedsoft.ai/events/9805-us-working-natural-gas-volumes-in-underground-storage-rise-by-120-bcf-eia-s-and.md) | +3.4% | +7.3% |
| UREA | 2023-10-01 | [Global prices for fertilizers returned to 2021 levels in 2023 after surging in 2022 )](https://feedsoft.ai/events/34027-global-prices-for-fertilizers-returned-to-2021-levels-in-2023-after-surging-in.md) | 0.0% | -8.3% |
| UREA | 2023-07-30 | [India’s Fertilizer Report Card for Q1FY’23-24: Record Production, Imports, and Sales -](https://feedsoft.ai/events/5886-india-s-fertilizer-report-card-for-q1fy-23-24-record-production-imports-and.md) | -5.9% | -10.4% |

## Sources

- naturalgasintel.com: https://naturalgasintel.com/news/eia-further-slashes-henry-hub-natural-gas-forecast-after-record-warmth-in-january-february/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.