U.S. Natural Gas Prices to Rise to $5/MMBtu by 2035, Driven by AI Data Center Boom

According to Wood Mackenzie, reported by Oilprice.com on July 6, U.S. natural gas prices are expected to rise to $5 per MMBtu by 2035, ending a decade of low-cost supply. AI data center construction and expanded LNG export infrastructure will drive stronger demand.

The Henry Hub benchmark price has remained between $2 and $4 per MMBtu over the past 10 years. However, Wood Mackenzie noted that major shale gas fields have been largely developed and upstream gas production will decline as oil drilling decreases. The U.S. has become the world's largest LNG exporter, with export capacity projected to nearly double from December 2025 to 2031. At $5 per MMBtu, U.S. gas would remain significantly cheaper than prices in Europe and Asia markets.