Natural Gas Prices Rise to Three-Year High -- WSJ

Dow Jones

Dec 04, 2025

By Ryan Dezember

Forecasts for a frigid December have lifted natural-gas futures to their highest price in three years.

Futures for January delivery traded above $5 per million British thermal units today for the first time since December 2022, after prices for the heating and power-generation fuel spiked following Russia's invasion of Ukraine.

Futures prices are now up more than 60% compared with a year ago, implying higher bills this winter for the roughly 61 million U.S. homes that are heated with natural gas as well as the 57 million that warmed with electricity, much of which is generated by burning gas.

If the gains hold, 2025 will be the biggest annual increase for natural gas prices in 20 years. Futures rose about 83% in 2005.

Analysts and traders say prices are likely to rise further given the increasing volume of fuel being exported from LNG terminals and domestic stockpiles-currently sitting at a modest surplus to the five-year average- being drawn down in the coming weeks as Americans crank up their furnaces and boilers.

"Forecasts for the coldest December since 2010 may tip storage into a deficit by Christmas," trading firm EBW Analytics wrote in a note to clients.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

December 03, 2025 11:56 ET (16:56 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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