Due to mild winter weather and the COVID-19 pandemic’s effects on demand, U.S. natural gas production and consumption both decreased in 2020, according to the EIA’s newly released Natural Gas Annual. Consumption was down as businesses and factories shuttered during lockdowns, which in turn led to prices falling through the floor. This then disincentivized production as margins were slim to none. Henry Hub spot prices averaged $2.03/MMBtu during 2020, the lowest mark since 1997. The low prices then incentivized exports, which increased dramatically during the pandemic.