It has been more than a decade since natural gas prices averaged as low as they did in 2020. Looking back, spot prices at Henry Hub averaged $2.05 per MMBtu and NYMEX, which trades natural gas futures, averaged $2.077 per MMBtu for CY2020. A slow down in production during 2020 was projected; however, mild winter temperatures and a world-wide pandemic had an even greater impact on pricing. By mid-year, Henry Hub spot prices were averaging $1.66 per MMBtu and the July NYMEX contract settled at $1.495 per MMBtu, its lowest settlement in 2020. While consumption of natural gas was down across all sectors, including residential, commercial, and industrial customers, the power market was off-setting some of that demand to meet peak electric demand. Natural gas-fired power generation grew 2% over 2019, based on the U.S. Energy Information Administration’s (EIA) monthly data and year-end forecast. Looking forward to 2021, EIA has released its projections in the December Short Term Energy Outlook. Those forecasts include an increase in natural gas production during the second quarter, in response to higher crude oil and natural gas prices, which will increase associated gas production. In addition, EIA expects a decline in natural gas consumption, driven by the power sector, due to higher forecasted prices. Overall, EIA expects the Henry Hub natural gas spot price to average $3.01 per MMBtu during 2021. The January contract settled at $2.467 per MMBtu to start 2021, 14% higher than the January 2020 settlement. The February contract has moved into the prompt position and is currently trading near $2.85 per MMBtu.