Natural Gas Prices
Steelmaking input costs - natural gas
| Year | Month | Gas Price |
|---|---|---|
| 2015 | 1 | 2.97 |
| 2015 | 2 | 2.85 |
| 2015 | 3 | 2.8 |
| 2015 | 4 | 2.58 |
| 2015 | 5 | 2.84 |
| 2015 | 6 | 2.77 |
| 2015 | 7 | 2.83 |
| 2015 | 8 | 2.76 |
| 2015 | 9 | 2.65 |
| 2015 | 10 | 2.32 |
| 2015 | 11 | 2.08 |
| 2015 | 12 | 1.92 |
| 2016 | 1 | 2.27 |
| 2016 | 2 | 1.96 |
| 2016 | 3 | 1.7 |
| 2016 | 4 | 1.9 |
| 2016 | 5 | 1.92 |
| 2016 | 6 | 2.57 |
| 2016 | 7 | 2.79 |
| 2016 | 8 | 2.79 |
| 2016 | 9 | 2.97 |
| 2016 | 10 | 2.95 |
| 2016 | 11 | 2.5 |
| 2016 | 12 | 3.58 |
| 2017 | 1 | 3.26 |
| 2017 | 2 | 2.82 |
| 2017 | 3 | 2.87 |
| 2017 | 4 | 3.08 |
| 2017 | 5 | 3.12 |
| 2017 | 6 | 2.94 |
| 2017 | 7 | 2.96 |
| 2017 | 8 | 2.88 |
| 2017 | 9 | 2.96 |
| 2017 | 10 | 2.87 |
| 2017 | 11 | 2.99 |
| 2017 | 12 | 2.76 |
| 2018 | 1 | 3.88 |
| 2018 | 2 | 2.67 |
| 2018 | 3 | 2.69 |
| 2018 | 4 | 2.76 |
| 2018 | 5 | 2.78 |
| 2018 | 6 | 2.94 |
| 2018 | 7 | 2.8 |
| 2018 | 8 | 2.96 |
| 2018 | 9 | 3 |
| 2018 | 10 | 3.29 |
| 2018 | 11 | 4.14 |
| 2018 | 12 | 3.95 |
| 2019 | 1 | 3.08 |
| 2019 | 2 | 2.72 |
| 2019 | 3 | 2.94 |
| 2019 | 4 | 2.65 |
| 2019 | 5 | 2.63 |
| 2019 | 6 | 2.40 |
| 2019 | 7 | 2.36 |
| 2019 | 8 | 2.22 |
| 2019 | 9 | 2.58 |
| 2019 | 10 | 2.33 |
| 2019 | 11 | 2.65 |
| 2019 | 12 | 2.24 |
| 2020 | 1 | 2.03 |
| 2020 | 2 | 1.92 |
| 2020 | 3 | 1.79 |
| 2020 | 4 | 1.74 |
| 2020 | 5 | 1.75 |
| 2020 | 6 | 1.60 |
| 2020 | 7 | 1.72 |
| 2020 | 8 | 2.30 |
| 2020 | 9 | 1.92 |
| 2020 | 10 | 2.33 |
| 2020 | 11 | 2.58 |
| 2020 | 12 | 2.55 |
| 2021 | 1 | 2.66 |
| 2021 | 2 | 5.07 |
| 2021 | 3 | 2.56 |
| 2021 | 4 | 2.62 |
| 2021 | 5 | 2.89 |
| 2021 | 6 | 3.24 |
| 2021 | 7 | 3.79 |
| 2021 | 8 | 4.05 |
| 2021 | 9 | 5.11 |
| 2021 | 10 | 5.48 |
| 2021 | 11 | 5.02 |
| 2021 | 12 | 3.73 |
| 2022 | 1 | 4.33 |
| 2022 | 2 | 4.66 |
| 2022 | 3 | 4.88 |
| 2022 | 4 | 6.53 |
| 2022 | 5 | 8.14 |
| 2022 | 6 | 7.67 |
| 2022 | 7 | 7.26 |
| 2022 | 8 | 8.79 |
| 2022 | 9 | 7.76 |
| 2022 | 10 | 5.62 |
| 2022 | 11 | 5.28 |
| 2022 | 12 | 5.50 |
| 2023 | 1 | 3.27 |
| 2023 | 2 | 2.38 |
| 2023 | 3 | 2.30 |
| 2023 | 4 | 2.16 |
| 2023 | 5 | 2.15 |
| 2023 | 6 | 2.18 |
| 2023 | 7 | 2.55 |
| 2023 | 8 | 2.58 |
| 2023 | 9 | 2.64 |
| 2023 | 10 | 2.99 |
| 2023 | 11 | 2.71 |
| 2023 | 12 | 2.53 |
| 2024 | 1 | 3.18 |
| 2024 | 2 | 1.72 |
| 2024 | 3 | 1.50 |
| 2024 | 4 | 1.60 |
| 2024 | 5 | 2.13 |
| 2024 | 6 | 2.51 |
| 2024 | 7 | 2.08 |
| 2024 | 8 | 1.99 |
| 2024 | 9 | 2.25 |
| 2024 | 10 | 2.21 |
| 2024 | 11 | 2.10 |
| 2024 | 12 | 3.02 |
| 2025 | 1 | 4.10 |
| 2025 | 2 | 4.22 |
| 2025 | 3 | 4.13 |
| 2025 | 4 | 3.40 |
| 2025 | 5 | 3.12 |
| 2025 | 6 | 3.02 |
| 2025 | 7 | 3.19 |
| 2025 | 8 | 2.91 |
| 2025 | 9 | 2.97 |
| 2025 | 10 | 3.20 |
Table last updated: 28th November 2025. Next update: ~20th December 2025.
Comment on recent commodity price trends
Note the very marked escalation in the cost of gas in mid-2022. One notes however that end-2022 Henry Hub gas prices were significantly lower than mid-year price levels, with Q1 2023 prices being lower still; and gas prices continuing to fall in Q2 2023 although rising slightly after mid-2023. Early 2025 prices were however once again high, and close to double their level Q3 2024 but have declined somewhat as the year has unfolded.
Notes and definitions
Figures above are monthly natural gas spot prices [in US $ per million metric British Thermal Units] at the Henry Hub terminal in Louisiana, USA.
The Henry Hub is a distribution hub on the natural gas pipeline system that is owned by the Sabine Pipe Line LLC (a subsidiary of EnLink Midstream Partners LP who purchased the asset from Chevron Corporation in 2014). The Henry Hub is also the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX) and the OTC swaps traded on the Intercontinental Exchange (ICE).
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