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The average monthly price for natural gas in the United States amounted to 2*** nominal U.S. dollars per million British thermal units (Btu) in May 2026. By contrast, natural gas prices in Europe were about 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 2024.

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.