Thermodynamic properties of a natural gas stream can be determined in real time utilizing modeling algorithms in conjunction with one or more sensors for quantifying physical and chemical properties of the natural gas. A first data signal produced by a first sensor can include intensity as a function of wavelength. At least one region in the wavelength range outside of a selected absorption transition can be fitted to a function to obtain a zero-absorption baseline, and a carbon dioxide concentration can be determined based on a line strength at the selected absorption transition corrected by the zero-absorption baseline. A total hydrocarbon concentration in the gas stream can be inferred based on a database of characteristic natural gas concentrations, and an algorithm can be implemented that determines an energy content of the gas stream. Related techniques, apparatus, systems, and articles are also described.