Pointing to continuing downward pressure on US natural gas prices, the Energy Information Administration on Tuesday reduced its Henry Hub spot price estimate for the first quarter of 2015 by 34 cents to $2.89/MMBtu. In its latest monthly Short-Term Energy Outlook, the agency made similar adjustments to its January estimates for the spot price in 2015, cutting its forecast 39 cents to $3.05/MMBtu, and in 2016, also down 39 cents to $3.47/MMBtu. EIA noted that the Henry Hub spot price for January averaged just $2.99/MMBtu, a decline of 49 cents from December “and the first monthly average price under $3/MMBtu since September 2012.” The agency now expects monthly average spot prices to remain south of $3/MMBtu through the winter and below $4/MMBtu until the fourth quarter of 2016. For this winter heating season, EIA sees the Henry Hub spot price averaging $3.34/MMBtu, well below […]