NatGas Prices Hit Bottom at $2.74, Next Target is $10.00

The natural gas market has been experiencing a significant shift in recent months. A key level for the market was reached on April 28, 2025, when prices dipped to $2.74. According to the VANTAGE NG report, this was not a surprise, as it had been predicted by some analysts.

Now that the price has bottomed out at $2.74, attention is turning to the potential for significant gains in the market. The target price of $10.00 is seen as a key milestone for the next big leg up in prices. However, some analysts are cautioning against getting too greedy, as there is also a possibility that prices could overshoot and reach as high as $21.00.

The macro drivers behind the market's movement include exports, production, geopolitics, and utilities & consumers. LNG shipments are on the rise due to increased demand from Europe and Asia, while production remains flat unless prices break above $3.20+. The ongoing geopolitical tensions between Russia and other countries also continue to support global gas prices.

The EIA has predicted that Henry Hub will reach $3.60 in 2025 and $4.30 in 2026. However, some analysts believe this is a conservative estimate, given the growing demand for natural gas from data centers, electrification, and global LNG growth.