U.S. Energy Information Administration recently forecast lower average natural gas bills this winter for U.S. consumers who heat their homes primarily with natural gas this heating season (Nov. 1 to March 31) compared with last winter. The lower residential winter natural gas expenditures forecast in the 2023 EIA Winter Fuels Outlook are due primarily to lower natural gas prices. The U.S. wholesale natural gas spot price at the national benchmark Henry Hub started last winter heating season averaging $5.66 per thousand cubic feet in November. This November EIA expects the Henry Hub price to be 45 percent lower than last year – averaging $3.12/Mcf.
Natural gas is the primary heating fuel for 46 percent of U.S. homes, according to the U.S. Census Bureau’s 2022 American Community Survey. The retail price of natural gas and the amount of natural gas consumed determine how much consumers will pay.