March 15 (UPI) -- After soaring last year on the back of a war premium, an increase in domestic natural gas production should help put a ceiling over the U.S. price of natural gas, a consultant group said Wednesday.
Henry Hub, the U.S. benchmark for the price of natural gas, was trading at around $2.40 per million British thermal units on Wednesday, a level that's been relatively stable over the better part of March.
Henry Hub at this time last year -- a few short weeks after Russian military forces crossed into Ukraine -- was closer to $4.56 and moved as high as $9.65 as markets adjusted to the loss of Russian natural gas due to Western-backed sanctions.
A report emailed to UPI from Norway-based consultant group Rystad Energy said an increase in domestic production contributed to the declines from year-ago levels.
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