The average monthly price for natural gas in the United States amounted to **** nominal U.S. dollars per million British thermal units (Btu) in July 2025. By contrast, natural gas prices in Europe were about three times higher than those in the U.S. Prices in Europe tend to be notably higher than those in the U.S. as the latter benefits from being a major hydrocarbon producer. Europe's import reliance European prices for natural gas rose most notable throughout the second half of 2021 and much of 2022, peaking at over ** U.S. dollars per million Btu in August 2022. The sharp rise was due to supply chain issues and economic strain following the COVID-19 pandemic, which was further exacerbated by Russia’s invasion of Ukraine in early 2022. As a result of the war, many countries began looking for alternative sources, and Russian pipeline gas imports to the European Union declined as a result. Meanwhile, LNG was a great beneficiary, with LNG demand in Europe rising by more than ** percent between 2021 and 2023. How domestic natural gas production shapes prices As intimated, the United States’ position among the leaders of worldwide natural gas production is one of the main reasons for why prices for this commodity are so low across the country. In 2024, the U.S. produced more than ************ cubic meters of natural gas, which allays domestic demand and allows for far lower purchasing prices.

In 2024, the price of natural gas in Europe reached 11 constant U.S. dollars per million British thermal units, compared with 2.2 U.S. dollars in the U.S. This was a notable decrease compared to the previous year, which had seen a steep increase in prices due to an energy supply shortage exacerbated by the Russia-Ukraine war. Since 1980, natural gas prices have typically been higher in Europe than in the United States and are expected to remain so for the coming two years. This is due to the U.S. being a significantly larger natural gas producer than Europe. What is natural gas and why is it gaining ground in the energy market? Natural gas is commonly burned in power plants with combustion turbines that generate electricity or used as a heating fuel. Given the fact that the world’s energy demand continues to grow, natural gas was seen by some industry leaders as an acceptable "bridge-fuel" to overcome the use of more emission-intensive energy sources such as coal. Subsequently, natural gas has become the main fuel for electricity generation in the U.S., while the global gas power generation share has reached over 22 percent. How domestic production shapes U.S. natural gas prices The combination of hydraulic fracturing (“fracking”) and horizontal drilling can be regarded as one of the oil and gas industry’s biggest breakthroughs in decades, with the U.S. being the largest beneficiary. This technology has helped the industry release unprecedented quantities of gas from deposits, mainly shale and tar sands that were previously thought either inaccessible or uneconomic. It is forecast that U.S. shale gas production could reach 36 trillion cubic feet in 2050, up from 1.77 trillion cubic feet in 2000.

This dataset provides values for GASOLINE PRICES reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Dutch TTF gas futures amounted to ***** euros per megawatt hour on August 25, 2025 for contracts with delivery in September 2025. Figures increased compared to the previous week. Dutch TTF is seen as a Europe-wide natural gas price benchmark. Europe more reliant on imports The Groningen gas field is the largest gas field in Europe and the major natural gas source in the Netherlands. In 2014, the first earthquake related to drilling the field occurred, and other seismic activities were also observed. Therefore, the Groningen field has drastically reduced its production output. Since then, natural gas production in the Netherlands has been in a trend of continuous decline. To balance the diminished domestic production, the European market relies on liquefied natural gas imports and pipeline inflow. LNG pricing across European regions The European gas market exhibits regional variations, as evidenced by LNG prices in different parts of the continent. The Southwest Europe LNG price is generally slightly higher than LNG prices in Northwest Europe. The latter reached around **** U.S. dollars per million British thermal units in late August 2025.

Countries in Europe have some of the highest natural gas prices for the industry in the world. In the second quarter of 2024, industrial customers in Switzerland paid approximately 0.16 U.S. dollars per megawatt hour worth of natural gas. This was considerably higher than the price of gas in natural gas producing countries such as Russia and Algeria. Determining natural gas prices Like other commodities, natural gas prices are driven by supply and demand trends. In some instances, they may also reflect developments within the oil market, as both commodities are often produced together. Natural gas prices are volatile. Seeing as the consumption of natural gas is often without alternative (e.g. within power plants), short-term changes to supply and demand have huge repercussions for the market. Weather is also a common determinant of natural gas prices. Unprecedented heat waves in the U.S. have driven up electricity demand for air conditioning and affected weekly Henry Hub natural gas prices in the hotter summer months. Natural gas demand Primary energy demand generated by natural gas worldwide is highest in North America. Nevertheless, forecasts suggest that the Asia Pacific region will experience a doubling in such demand by 2050 and overtake consumers in North America. The United States is still leading a ranking of world natural gas consumption by country. However, China has increased its LNG and gas pipeline investment portfolio, which could see it becoming an even greater consumer in the future.

Gasoline Prices in the United States remained unchanged at 0.83 USD/Liter in August. This dataset provides the latest reported value for - United States Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

A September 2022 survey among oil and gas executives in the United States found that vast majority of respondents felt the era of cheap natural gas prices would come to an end amid increased gas exports to Europe. The largest share of respondents, ** percent, felt the end to cheap U.S. natural gas would come by late 2025. Only ***** percent of respondents felt the era of inexpensive U.S. natural gas would continue past 2030.

About the ProjectKAPSARC is analyzing the shifting dynamics of the global gas markets. Global gas markets have turned upside down during the past five years: North America has emerged as a large potential future LNG exporter while gas demand growth has been slowing down as natural gas gets squeezed between coal and renewables. While the coming years will witness the fastest LNG export capacity expansion ever seen, many questions are raised on the next generation of LNG supply, the impact of low oil and gas prices on supply and demand patterns and how pricing and contractual structure may be affected by both the arrival of U.S. LNG on global gas markets and the desire of Asian buyers for cheaper gas.Key PointsIn the past year, global gas prices have dropped significantly, albeit at unequal paces depending on the region. All else being equal, economists would suggest that this should have generated a positive demand response. However, “all else” was not equal. Prices of other commodities also declined while economic growth forecasts were downgraded. Prices at benchmark points such as the U.K. National Balancing Point (NBP), U.S. Henry Hub (HH) and Japan/Korea Marker (JKM) slumped due to lower oil prices, liquefied natural gas (LNG) oversupply and unseasonal weather. Yet, the prices of natural gas in local currencies have increased in a number of developing countries in Africa, the Middle East, Latin America, former Soviet Union (FSU) and Asia. North America experienced demand growth while gas in Europe and Asia faced rising competition from cheaper coal, renewables and, in some instances, nuclear. Gains to European demand were mostly weather related while increases in Africa and Latin America were not significant. For LNG, Europe became the market of last resort as Asian consumption declined. Moreover, an anticipated surge in LNG supply, brought on by several new projects, may lead to a confrontation with Russian or other pipeline gas suppliers to Europe. At the same time, Asian buyers are seeking concessions on pricing and flexibility in their long-term contracts. Looking ahead, natural gas has to prove itself a credible and affordable alternative to coal, notably in Asia, if the world is to reach its climate change targets. The future of the gas industry will also depend on oil prices, evolution of Chinese energy demand and impact of COP21 on national energy policies. Current low prices mean there is likely to be a pause in final investment decisions (FIDs) on LNG projects in the coming years.

Get the latest insights on price movement and trend analysis of Natural Gas in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Get the latest insights on price movement and trend analysis of Gasoline in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

As of 2024, hydrogen costs may be up to ** times as high as natural gas prices. In the United States, where natural gas is in ready supply, natural gas prices average around ***** U.S. dollars per megawatt hour. Grey hydrogen costs are estimated at some ** U.S. dollars per megawatt hour, also considering potential carbon emission tax. Meanwhile, the high estimate for green hydrogen production costs alone is set at some *** U.S. dollars per megawatt hour.

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On July 4, 2025, the Henry Hub natural gas spot price amounted to 3.19 U.S. dollars per million British thermal units. In January 2025, a cold front was feared to impact refiners, leading to a spike in prices. The European gas benchmark Dutch TTF also rose amid colder weather. What is Henry Hub? The Henry Hub price is seen as the most important benchmark for the U.S. natural gas market. As of 1990, it has been used for pricing of natural gas traded on the New York Mercantile Exchange and later the Intercontinental Exchange. The hub in question is a distribution pipeline system in Louisiana and began operating in the 1950s. The highest Henry Hub annual average prices were recorded in 2005 and 2008, when they climbed to over eight U.S. dollars per million British thermal units. Weekly average prices also reached nearly 10 U.S. dollars in 2022 as a result of global supply constraints. Natural gas export prices In recent years, the U.S. has been incentivized to build up its liquefaction and LNG export capacities as it widens the potential customer pool. With sanctions on Russian energy imports, many European countries looked to the U.S. for procuring natural gas from 2022 onward. In line with Henry Hub pricing development, the monthly LNG export price also showed volatility depending on market and geopolitical events.

Get the latest insights on price movement and trend analysis of Liquefied Natural Gas in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Harmonized Index of Consumer Prices: Gas for European Union (28 countries) was 169.47000 Index 2015=100 in March of 2025, according to the United States Federal Reserve. Historically, Harmonized Index of Consumer Prices: Gas for European Union (28 countries) reached a record high of 201.44000 in October of 2022 and a record low of 43.52000 in January of 1996. Trading Economics provides the current actual value, an historical data chart and related indicators for Harmonized Index of Consumer Prices: Gas for European Union (28 countries) - last updated from the United States Federal Reserve on July of 2025.

The global natural gas price index stood at 185.99 index points in July 2025. Natural gas prices decreased that month as cooling demand fell due to colder weather than expected. The global price index takes into account indices from Europe, Japan, and the United States – some of the largest natural gas trading markets. The U.S. is the leading natural gas exporter in the world. Means of trading natural gas Liquefied natural gas (LNG) is the most common form of trading natural gas. Although piped gas is often the preferred choice for transportation between neighboring producing and consuming countries, seaborne trade as LNG has grown in market volume. This is in part thanks to high consumption in pipeline-inaccessible areas such as Japan, Korea, and China, as well as the recent increase in LNG trade by European countries. Major natural gas price benchmarks The natural gas prices often used as global benchmarks are Europe’s Dutch TTF traded on the Intercontinental Exchange, Indonesian LNG in Japan, and the U.S. Henry Hub traded on the New York Mercantile Exchange. 2022 was an especially volatile year for natural gas prices, as supply was severely constrained following sanctions on Russian imports. Other reasons for recent spikes in gas prices are related to issues at refineries, changes in demand, and problems along seaborne supply routes.

Hong Kong had the highest prices for premium gasoline (95-RON) on August 4, 2025. That day, prices averaged 3.58 U.S. dollars per liter, which was notably more than in any other country. While oil-rich countries enjoy some of the lowest gasoline prices, drivers in big car markets such as Europe pay around two U.S. dollars per liter.

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Underground Gas Storage Market Size 2024-2028

The underground gas storage market size is forecast to increase by USD 10.2 billion at a CAGR of 5.34% between 2023 and 2028.

The market is experiencing significant growth due to increasing energy demand and advancements in drilling techniques, seismic imaging, and reservoir management technologies. These innovations enable the efficient extraction and storage of natural gas, making UGS an essential component of the global energy mix. Hydrogen storage in underground facilities is an emerging trend. 
However, constructing underground storage facilities for gas presents challenges, including high capital costs, complex regulatory requirements, and geological risks. Addressing these challenges requires continued investment in research and development, as well as collaboration between industry stakeholders and regulatory bodies. By overcoming these hurdles, the market is poised to continue its expansion and contribute to a more sustainable energy future.

What will be the Size of the Market During the Forecast Period?

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Underground gas storage has emerged as a vital component of the global energy landscape, providing a stable and secure means of storing large volumes of natural gas for various applications. With an expanding industrialization process and increasing natural gas consumption, the need for underground gas storage facilities has grown significantly. These facilities, which can hold billions of cubic meters of natural gas, are typically constructed in depleted gas reservoirs, salt caverns, and aquifer reservoirs. The technology used in underground gas storage involves injecting natural gas into geologic formations, such as depleted oil and gas fields, salt caverns, and aquifers.
Moreover, the natural gas is stored under high pressure, allowing for efficient inventory management and energy resource backup during periods of high demand, particularly during the winter season. The underground gas storage industry is witnessing several market dynamics, including the transition towards cleaner energy sources and the increasing importance of energy security concerns. Hydrogen, as a potential cleaner energy source, is being explored for use in underground gas storage facilities, providing an opportunity for technology transfer from the oil and gas industry. Moreover, the price volatility of natural gas and the need for stable supply have further emphasized the importance of underground gas storage.
Additionally, groundwater utilization is also a critical consideration in the design and operation of these facilities to minimize environmental impact. Inventory management is a key aspect of underground gas storage, ensuring an adequate supply of natural gas for gas distribution networks and energy consumers. The use of advanced technology and techniques in the storage industry continues to evolve, enabling the efficient and safe storage of large volumes of natural gas. Carbon dioxide (CO2) storage is another application of underground gas storage facilities, providing a means of reducing greenhouse gas emissions and mitigating the environmental impact of fossil fuel reserves. Overall, the market is poised for growth, driven by the need for energy security, stable supply, and the transition towards cleaner energy sources.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Depleted fields
  Aquifer reservoir
  Salt caverns


Product

  Natural gas
  Hydrogen
  Others


Geography

  Europe

    Germany


  North America

    Canada
    US


  APAC



  Middle East and Africa



  South America

By Type Insights

The depleted fields segment is estimated to witness significant growth during the forecast period.

Underground gas storage (UGS) is an essential component of the natural gas infrastructure, utilizing depleted oil and gas reservoirs for confining natural gas post-extraction. The suitability of a depleted field for UGS depends on its geographic and geological characteristics. Proximity to regions of high natural gas consumption facilitates efficient transportation and distribution. Geological factors, such as porosity and permeability, determine the reservoir's capacity to store and release natural gas. Porosity affects the quantity of gas the reservoir can hold, while permeability influences the outward flow rate. Price volatility and the shift towards hydrogen as a cleaner energy source are key challenges for the UGS market. However, UGS plays a crucial role in mitigating price volatility and ensuring energy security. Hydrogen storage in UGS facilities is an emerging trend, offering pot

Gasoline prices in the United States have experienced significant fluctuations over the past three decades, with 2024 seeing an average price of 3.3 U.S. dollars per gallon. This marks a notable decrease from the record high of 3.95 U.S. dollars per gallon in 2022, yet remains considerably higher than prices seen in the early 2000s. Despite this, American consumers continue to enjoy relatively low gasoline prices compared to many other countries, with some European countries paying more than double the U.S. average. Drivers in Hawaii and California pay the most at the pump Gasoline prices vary significantly across the United States, with Hawaii and California consistently ranking as the most expensive states for this fuel. As of January 1, 2025, Hawaii's average price for regular gasoline was 4.54 U.S. dollars per gallon, nearly 1.5 dollars above the national average. California's high prices are largely attributed to its steep gasoline taxes, which reached 68.1 U.S. cents per gallon in January 2024. These taxes play a crucial role in shaping retail prices and are typically reinvested in road infrastructure, demonstrating the direct link between fuel costs and transportation development. Patterns in gasoline consumption In a global context, the United States maintains some of the lowest conventional motor fuel prices among high-income countries. This is largely due to its position as the world's largest crude oil producer, allowing it to keep retail prices comparatively low. Despite fluctuations in price, gasoline consumption in the U.S. remains robust, averaging around 8.5 million barrels per day in 2024. Consumption tends to be highest in the summer months and lowest in the winter months due to changing driving behavior.