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Natural gas prices were already decreasing earlier this year because of the previous year’s record production level and a warmer-than-normal winter. US benchmark Henry Hub prices fell to an average of $1.74/MMBtu in April 2020, the lowest monthly average since March 2016. EIA expects prices to increase in Q3 2020, driven by an increase in industrial demand as business activity resumes. EIA expects that the natural gas spot price for the Henry Hub will average$2.16 in 2020, about 41 cents lower than the 2019 average of $2.57. Projected natural gas prices rise to an average of$2.95 in 2021 because of upward pricing pressure from declining growth in natural gas production.