What the Henry Hub natural gas price measures
Henry Hub, a pipeline interconnection in Erath, Louisiana, is the delivery point for the main US natural gas futures contract and the country’s benchmark price. The chart shows the monthly average of the daily spot price in dollars per million British thermal units (MMBtu), as published by the Energy Information Administration, starting in 1997. One MMBtu is roughly the energy in 1,000 cubic feet of gas. This is a wholesale price; households pay several times more after pipeline, distribution and utility charges.
How to read this chart
Natural gas prices are far more volatile than oil, because gas is hard to store and demand swings with the weather. Look for winter spikes in cold years and summer bumps during heat waves, when power plants burn more gas for air conditioning. The long decline after 2008 reflects the shale revolution, which made the US the world’s largest producer.
The latest reading in context
- At $2.99, the latest reading is below its 5-year average of $3.66 and below its 10-year average of $3.28.
- Of all 356 monthly readings since February 1997, 40% were lower than today’s and 59% were higher.
- Direction: up 1.4% over the past month; up 7.9% over the past six months; down 6.3% over the past year.
- The highest value on record is $13.43 (October 2005, 21 years ago); the lowest is $1.49 (March 2024, 2 years ago).
- The full history spans 3 US recessions, shaded grey on the chart.
Why it matters
Natural gas generates about 40% of US electricity and heats about half of US homes, so its price flows into utility bills with a lag of months. It is also a key input for fertilizer and chemicals. With large liquefied natural gas (LNG) exports, US prices are now more connected to Europe and Asia than they used to be.
What moves the Henry Hub natural gas price
- Weather: heating demand in winter, power demand in summer
- Production from shale fields such as the Marcellus and Permian
- Storage levels compared with the five-year average
- LNG exports and pipeline exports to Mexico
- Power demand, including from data centers
Key moments in its history
- Late 2005Averaged over $13 after Hurricanes Katrina and Rita shut Gulf production.
- Jun–Jul 2008Rose above $12 again before the financial crisis.
- 2012Fell below $2 as shale output soared.
- Aug 2022Rose near $9 as Europe sought US LNG after Russia cut supplies.
Natural Gas Prices (Henry Hub) data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | $3.44 | $8.81 | $1.49 |
| 2010s | $3.31 | $6.00 | $1.73 |
| 2000s | $5.84 | $13.43 | $2.15 |
| 1990s | $2.25 | $3.02 | $1.69 |
Last 12 months
| Period | Value | Change |
|---|---|---|
| Oct 2026 | $2.99 | +1.4% |
| Sep 2026 | $2.95 | +5.7% |
| Aug 2026 | $2.79 | −3.5% |
| Jul 2026 | $2.89 | −8.0% |
| Jun 2026 | $3.14 | +6.8% |
| May 2026 | $2.94 | +6.1% |
| Apr 2026 | $2.77 | −8.9% |
| Mar 2026 | $3.04 | −16.0% |
| Feb 2026 | $3.62 | −53.1% |
| Jan 2026 | $7.72 | +81.2% |
| Dec 2025 | $4.26 | +12.4% |
| Nov 2025 | $3.79 | +18.8% |
Monthly values. Decade figures are averages of the monthly values in each decade. The complete history is available as a CSV file.
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Natural Gas Prices (Henry Hub): questions and answers
What is Henry Hub?
A natural gas pipeline hub in Louisiana where the NYMEX futures contract is delivered. Its price is the main reference for US natural gas.
Why is my gas bill much higher than this price?
Henry Hub is a wholesale price. Bills add pipeline transport, local distribution, utility margins and taxes, which often make up more than half the cost.
What is an MMBtu?
One million British thermal units, roughly the energy in 1,000 cubic feet of natural gas. A typical US home uses 50 to 80 MMBtu a year.
Where does the data on this chart come from?
From the U.S. Energy Information Administration. ChartWidgets downloads the series (DHHNGSP) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 4, 2026.