According to a recent report from Enverus, operators in Barnett Shale in north Texas pulled back on completion activity in 2023. Henry Hub prices averaged 62 percent less than the previous year at $2.57 per million BTUs. U.S. Energy Information Administration said, “Record high natural gas production, flat consumption and rising natural gas inventories contributed to lower prices in 2023 compared with 2022.” The monthly average Henry Hub price was below $3 per million BTUs every month except January (lowest was $2.19 per million BTUs in May).
At the end of 2023, working natural gas inventories were 11 percent above the year-ago level and 10 percent above the five-year average.