Henry Hub

Henry Hub is a physical location — a network of interconnected pipelines — where natural gas from producing regions across the Gulf Coast can flow in multiple directions. Because so many pipelines meet there, it became the delivery point for the New York Mercantile Exchange (NYMEX) natural gas futures contract, which made its prices the national reference. When financial data sites show a "US Natural Gas" price, they are almost always showing the Henry Hub price. You can track it live on the commodities page.

Prices at Henry Hub are quoted in dollars per MMBtu — million British thermal units — which measures the energy content of the gas rather than its physical volume. This matters because natural gas composition and energy density can vary slightly by source. A futures contract at Henry Hub covers 10,000 MMBtu, so a $0.10 move per MMBtu changes a contract's value by $1,000 (illustrative example using those contract mechanics).

A common confusion arises from comparing Henry Hub to gas prices in Europe or Asia. Those regions have their own benchmarks — such as the TTF hub in the Netherlands or the Japan-Korea Marker for LNG — and their prices can diverge dramatically from Henry Hub depending on local supply and infrastructure. The natural gas guide explains why these regional gaps exist and how spot and futures prices interact at hub locations.