Natural Gas Price Today
There is no single natural gas price. The US benchmark, Henry Hub, averaged $2.95 per million British thermal units (MMBtu) in September 2026, according to the EIA. Europe's Dutch TTF and Asia's JKM LNG price trade far higher, because they depend on imported LNG, a fifth of which normally passes through the Strait of Hormuz. US gas has barely followed oil's 2026 surge.
UNG is an exchange-traded fund that holds NYMEX Henry Hub futures. It moves with US gas prices but loses value over time through the monthly roll, so its level is not a gas price in $/MMBtu.
The three main gas benchmarks
| Benchmark | Region | Unit | Where it trades | Driven by |
|---|---|---|---|---|
| Henry Hub | United States | USD per MMBtu | NYMEX futures (10,000 MMBtu per contract), delivered at Erath, Louisiana | US weather, shale gas output, storage, LNG export demand |
| TTF (Title Transfer Facility) | Europe | EUR per MWh | ICE Endex futures, Dutch virtual trading point | LNG imports, Norwegian pipeline flows, EU storage levels |
| JKM (Japan Korea Marker) | North-east Asia | USD per MMBtu | Platts assessment of spot LNG cargoes; swaps on CME and ICE | Asian demand, competition with Europe for cargoes, oil-linked contracts |
Conversion: 1 MWh = 3.412 MMBtu. A TTF price of €40/MWh at EUR/USD 1.15 equals about $13.50/MMBtu.
Henry Hub in 2026
| Month | Henry Hub ($/MMBtu) | WTI ($/bbl) | Oil-to-gas ratio |
|---|---|---|---|
| Jan | $7.72 | $60.04 | 7.8 |
| Feb | $3.62 | $64.51 | 17.8 |
| Mar | $3.04 | $91.38 | 30.1 |
| Apr | $2.77 | $100.32 | 36.2 |
| May | $2.94 | $102.13 | 34.7 |
| Jun | $3.15 | $84.81 | 26.9 |
| Jul | $2.89 | $80.46 | 27.8 |
| Aug | $2.78 | $83.90 | 30.2 |
| Sep | $2.95 | $97.31 | 33.0 |
Source: EIA Henry Hub natural gas spot price and Cushing WTI spot price, monthly averages. Annual Henry Hub averages: $6.45 (2022), $2.19 (2024), $3.52 (2025). The EIA's October 2026 Short-Term Energy Outlook forecasts $3.48 for 2026 and $3.16 for 2027.
The gas-to-oil ratio
A barrel of crude contains about 5.8 MMBtu of energy. If oil and gas were priced by energy content alone, the WTI price would be about 5.8 times the Henry Hub price. In practice the ratio has been far higher since the US shale gas boom: about 19 in 2025 ($65.39 WTI against $3.52 gas), and above 30 for most of 2026. At $97 oil, crude cost about $16.80 per MMBtu in September 2026, more than five times the price of US gas.
The gap persists because US gas is hard to move abroad. Export capacity is limited by the number of LNG terminals, so a surplus stays at home and keeps Henry Hub low. Oil, by contrast, is a global market priced off Brent and WTI.
How the 2026 Hormuz closure hit gas markets
The closure of the Strait of Hormuz from 28 February 2026 affected more than 10 billion cubic feet per day (Bcf/d) of LNG supply, about 20% of global LNG trade, mostly from Qatar's Ras Laffan. QatarEnergy declared force majeure on 4 March, and no laden LNG carriers are known to have crossed the strait between 1 March and 24 April, according to Kpler data cited by the EIA.
- Europe and Asia: in the week to 24 April 2026, TTF averaged $14.80/MMBtu, up 35% from before the closure, and JKM $16.02, up 51% (EIA, from Bloomberg data). EU gas storage ended the winter only 28% full, against a five-year average of 41%.
- United States: Henry Hub fell 9% over the same period, because US export terminals were already running near capacity (17.9 Bcf/d in March 2026, after a record 18.4 Bcf/d in December 2025) and could not send more gas abroad.
The episode shows the limits of the oil-gas link: where gas can flow freely between markets, prices converge; where it cannot, they diverge.
When gas and oil prices move together
- Oil-indexed contracts. Much of the LNG sold to Asia under long-term contracts is priced as a percentage of crude, often the Japan Crude Cocktail or Brent, with a lag of a few months.
- Associated gas. Wells in the Permian basin produce gas alongside oil. When high oil prices increase drilling, they also add gas supply, which can push Henry Hub down.
- Fuel switching. In power stations and industry, very expensive gas can be replaced by oil products, which links prices in extreme cases. In 2022, Europe's TTF price rose above €300/MWh in August, far above the energy-equivalent cost of oil.
The weekly storage report
The EIA's Weekly Natural Gas Storage Report, released on Thursdays at 10:30 a.m. Eastern Time, shows how much gas is held in US underground storage compared with last year and the five-year average. A smaller-than-expected injection in summer, or a larger withdrawal in winter, usually lifts Henry Hub. The oil market's equivalent is the EIA Weekly Petroleum Status Report. The October 2026 STEO notes that US inventories are above average, as rising production has offset growing LNG exports.
Gas prices also matter for oil users: heating fuels compete with each other, so see heating oil prices for the distillate side of winter demand.
Natural gas price FAQ
What is the natural gas price today?
The US benchmark Henry Hub spot price averaged $2.95 per MMBtu in September 2026, according to the EIA. Europe's TTF and Asia's JKM trade much higher because they depend on imported LNG. The UNG fund chart above shows recent direction, but its level is not a price in dollars per MMBtu.
Why are US natural gas prices so much lower than in Europe?
The US produces more gas than it uses, and export capacity is limited by the number of LNG terminals, so surplus gas stays at home. Europe imports most of its gas, increasingly as LNG, and must outbid Asian buyers for cargoes, which adds liquefaction, shipping and regasification costs.
Do oil and natural gas prices move together?
Only partly. Long-term LNG contracts in Asia are often linked to crude prices, and fuel switching ties them in extreme cases. But the US gas price is set mainly by US weather, production and storage. In 2026, WTI rose by more than half while Henry Hub fell.
How do you convert a gas price to an oil price equivalent?
Multiply the gas price per MMBtu by about 5.8, the energy content of a barrel of crude. Henry Hub at $3 per MMBtu equals about $17 per barrel of oil equivalent. Europe's TTF in euros per MWh must first be divided by 3.412 and converted to dollars.
When is the natural gas storage report released?
The EIA publishes its Weekly Natural Gas Storage Report on Thursdays at 10:30 a.m. Eastern Time, with data for the week ending the previous Friday. Holiday weeks can shift the release. Traders compare the reported change with analyst expectations and the five-year average.
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