U.S. Henry Hub prices per week 2022-2024

On April 5, 2024, the Henry Hub natural gas spot price amounted to 1.7 U.S. dollars per million British thermal units. This was an increase compared to the previous week. In 2022, prices saw a net increase due to an energy crunch that had been worsened by the Russia-Ukraine war. The European gas benchmark Dutch TTF also soared to record levels as a result. In January 2024, a cold front was feared to impact refiners in Texas, leading to a spike in prices.

What is Henry Hub?

The Henry Hub price is seen as the most important benchmark for the U.S. natural gas market. As of 1990, it has been used for pricing of natural gas traded on the New York Mercantile Exchange and later the Intercontinental Exchange. The hub in question is a distribution pipeline system in Louisiana and began operating in the 1950s. The highest Henry Hub annual average prices were recorded in 2005 and 2008, when they climbed to over eight U.S. dollars per million British thermal units.

Natural gas export prices

In recent years, the U.S. has been incentivized to build up its liquefaction and LNG export capacities as it widens the potential customer pool. With sanctions on Russian energy imports, many European countries looked to the U.S. for procuring natural gas from 2022 onward. In line with Henry Hub pricing development, the monthly LNG export price also showed volatility depending on market and geopolitical events.