Steam-generation costs turned firmer again during 2025 as natural-gas prices recovered from their exceptionally low 2024 levels. In the United States, the Henry Hub benchmark averaged approximately USD 3.52/MMBtu, around 56% higher than the 2024 average. EIA linked the increase to stronger LNG export demand and changing seasonal consumption, although record production during the summer helped moderate the market before prices strengthened again toward year-end. Industrial natural-gas prices followed the broader recovery, averaging above 2024 levels across most months. Regional conditions remained uneven, with colder weather and pipeline constraints producing sharper price movements in parts of the U.S. Northeast. At the same time, global LNG demand continued to influence the opportunity cost of domestic gas. For steam-intensive manufacturers, the year therefore represented a transition from the exceptionally low fuel-cost environment of 2024 toward a more balanced and moderately firm cost structure, encouraging continued attention to boiler efficiency, fuel sourcing, and energy management.
