Natural Gas Price History — Henry Hub by Year
Henry Hub gas has averaged $3.10 per MMBtu in 2026 so far; the all-time daily-settlement record is $15.38 (2005). Annual average, high, low and close for every year since 2000 below — the shale revolution is visible as the break between the pre-2009 and post-2009 rows. Today's price is on the live natural gas page.
Henry Hub Annual Prices ($/MMBtu, daily settlements)
| Year | Average | vs prior year | High | Low | Year-End Close |
|---|---|---|---|---|---|
| 2026 YTD | 3.10 | −14% | 7.46 | 2.52 | 3.08 |
| 2025 | 3.62 | +50% | 5.29 | 2.70 | 3.69 |
| 2024 | 2.41 | −10% | 3.95 | 1.58 | 3.63 |
| 2023 | 2.67 | −59% | 4.17 | 1.99 | 2.51 |
| 2022 | 6.54 | +75% | 9.68 | 3.72 | 4.47 |
| 2021 | 3.73 | +75% | 6.31 | 2.45 | 3.73 |
| 2020 | 2.13 | −16% | 3.35 | 1.48 | 2.54 |
| 2019 | 2.53 | −17% | 3.59 | 2.07 | 2.19 |
| 2018 | 3.06 | +1% | 4.84 | 2.55 | 2.94 |
| 2017 | 3.02 | +18% | 3.42 | 2.56 | 2.95 |
| 2016 | 2.55 | −3% | 3.93 | 1.64 | 3.72 |
| 2015 | 2.63 | −38% | 3.23 | 1.75 | 2.34 |
| 2014 | 4.26 | +14% | 6.15 | 2.89 | 2.89 |
| 2013 | 3.73 | +32% | 4.46 | 3.11 | 4.23 |
| 2012 | 2.82 | −30% | 3.90 | 1.91 | 3.35 |
| 2011 | 4.03 | −8% | 4.85 | 2.99 | 2.99 |
| 2010 | 4.38 | +5% | 6.01 | 3.29 | 4.41 |
| 2009 | 4.16 | −53% | 6.07 | 2.51 | 5.57 |
| 2008 | 8.90 | +25% | 13.58 | 5.29 | 5.62 |
| 2007 | 7.11 | +2% | 8.64 | 5.38 | 7.48 |
| 2006 | 6.97 | −23% | 10.63 | 4.20 | 6.30 |
| 2005 | 9.02 | +46% | 15.38 | 5.79 | 11.23 |
| 2004 | 6.18 | +13% | 8.75 | 4.57 | 6.15 |
| 2003 | 5.49 | +63% | 9.58 | 4.43 | 6.19 |
| 2002 | 3.37 | −17% | 5.34 | 1.94 | 4.79 |
| 2001 | 4.05 | — | 9.80 | 1.83 | 2.57 |
| 2000 PARTIAL | 6.10 | — | 10.04 | 4.48 | 9.77 |
NYMEX NG front-month daily settlements; average is the mean of daily closes. A year marked PARTIAL covers only the months after the series begins (August 30, 2000). Related: the EIA forecast · storage report · what is LNG · crude price history.
Henry Hub Price by Decade
| Period | Average of annual averages | Highest daily settlement | Lowest daily settlement |
|---|---|---|---|
| 2000–2009 (2000 partial, excluded from the average) | 6.14 | 15.38 (2005) | 1.83 (2001) |
| 2010–2019 | 3.30 | 6.15 (2014) | 1.64 (2016) |
| 2020–2026 (so far) | 3.46 | 9.68 (2022) | 1.48 (2020) |
Prices in USD per MMBtu. The average of annual averages gives each year equal weight; the highest and lowest are single daily settlements. Partial decades start where this series begins.
Biggest Year-over-Year Moves
| Move | Year | Average vs prior year | Change | What was happening |
|---|---|---|---|---|
| Largest rises | 2022 | 3.73 → 6.54 | +75% | Russia's invasion of Ukraine triggered a European gas crisis and record LNG demand |
| Largest rises | 2021 | 2.13 → 3.73 | +75% | Rising LNG exports and global energy tightness lifted prices |
| Largest rises | 2003 | 3.37 → 5.49 | +63% | A cold winter and tight storage lifted prices |
| Largest falls | 2023 | 6.54 → 2.67 | −59% | A warm winter and full storage collapsed prices from the 2022 highs |
| Largest falls | 2009 | 8.90 → 4.16 | −53% | The recession cut demand just as shale gas supply surged |
| Largest falls | 2015 | 4.26 → 2.63 | −38% | Prices fell back after the 2014 polar-vortex spike on mild weather and growing shale supply |
Completed calendar years only. The "what was happening" notes describe widely documented events and are context, not a full explanation of each move; a dash means no note is attached. Related: gas storage, the EIA forecast and what is LNG.
Most Volatile Years
| Year | Low | High | Average | High-to-low range, % of average |
|---|---|---|---|---|
| 2001 | 1.83 | 9.80 | 4.05 | 197% |
| 2005 | 5.79 | 15.38 | 9.02 | 106% |
| 2021 | 2.45 | 6.31 | 3.73 | 103% |
| 2002 | 1.94 | 5.34 | 3.37 | 101% |
| 2024 | 1.58 | 3.95 | 2.41 | 98% |
The five completed years with the widest gap between the lowest and highest daily settlement, measured against that year's average. A wide range means the price moved a long way within the year, whatever the average ended up being.
In Today's Dollars
| Rank | Year | Nominal average | Average in September 2026 dollars |
|---|---|---|---|
| 1 | 2005 | 9.02 | 15.56 |
| 2 | 2008 | 8.90 | 13.93 |
| 3 | 2006 | 6.97 | 11.65 |
| 4 | 2007 | 7.11 | 11.55 |
| 5 | 2004 | 6.18 | 11.02 |
Annual averages deflated with BLS CPI-U (2026 M09 = latest). Real = nominal × latest CPI ÷ that year's average CPI. The current year's average of 3.10 is 3.14 in today's dollars. The CPI series used here starts in 2001, so earlier years are not ranked. Oil in real terms with a chart: prices vs inflation.
Oil vs Gas by Year
| Year | WTI average, $/bbl | WTI per MMBtu | Henry Hub, $/MMBtu | Oil-to-gas ratio |
|---|---|---|---|---|
| 2026 YTD | 84.39 | 14.55 | 3.10 | 4.7x |
| 2025 | 64.74 | 11.16 | 3.62 | 3.1x |
| 2024 | 75.76 | 13.06 | 2.41 | 5.4x |
| 2023 | 77.60 | 13.38 | 2.67 | 5.0x |
| 2022 | 94.33 | 16.26 | 6.54 | 2.5x |
| 2021 | 68.11 | 11.74 | 3.73 | 3.1x |
| 2020 | 39.34 | 6.78 | 2.13 | 3.2x |
| 2019 | 57.04 | 9.83 | 2.53 | 3.9x |
| 2018 | 64.95 | 11.20 | 3.06 | 3.7x |
| 2017 | 50.85 | 8.77 | 3.02 | 2.9x |
| 2016 | 43.44 | 7.49 | 2.55 | 2.9x |
| 2015 | 48.76 | 8.41 | 2.63 | 3.2x |
| 2014 | 92.91 | 16.02 | 4.26 | 3.8x |
| 2013 | 98.05 | 16.91 | 3.73 | 4.5x |
| 2012 | 94.21 | 16.24 | 2.82 | 5.8x |
| 2011 | 95.11 | 16.40 | 4.03 | 4.1x |
| 2010 | 79.61 | 13.73 | 4.38 | 3.1x |
| 2009 | 62.09 | 10.71 | 4.16 | 2.6x |
| 2008 | 99.75 | 17.20 | 8.90 | 1.9x |
| 2007 | 72.36 | 12.48 | 7.11 | 1.8x |
| 2006 | 66.25 | 11.42 | 6.97 | 1.6x |
| 2005 | 56.70 | 9.78 | 9.02 | 1.1x |
| 2004 | 41.47 | 7.15 | 6.18 | 1.2x |
| 2003 | 30.99 | 5.34 | 5.49 | 1.0x |
| 2002 | 26.15 | 4.51 | 3.37 | 1.3x |
| 2001 | 25.96 | 4.48 | 4.05 | 1.1x |
Both are annual averages of daily front-month settlements. One barrel of crude holds about 5.8 MMBtu, so dividing WTI by 5.8 puts oil and gas on the same energy basis; a ratio of 1x would mean they cost the same per unit of energy. 2000 is left out because the two series do not start on the same day. Live comparison: oil vs natural gas; crude history: WTI by year.
Gas Price History FAQ
What is the average natural gas price in 2026?
Henry Hub front-month futures have averaged $3.10 per MMBtu in 2026 so far, trading between $2.52 and $7.46 (daily closes through 2026-10-19).
What is the highest natural gas price ever?
In this dataset (daily closes since 2000), the highest settlement was $15.38 per MMBtu in 2005 — the post-Katrina supply shock. Prices above $9 returned briefly in 2022 when Russian pipeline cuts sent global LNG demand surging. Regional spot prices have gone far higher in freezes (hundreds of dollars in Texas, February 2021).
Which year had the highest average natural gas price?
2005, when Henry Hub averaged $9.02 per MMBtu. The lowest completed-year average in this dataset was $2.13 in 2020. COVID-19 cut demand and prices stayed low through the year.
What was the biggest one-year drop in natural gas prices?
The largest fall in the annual average was −59% in 2023, from $6.54 to $2.67 per MMBtu. A warm winter and full storage collapsed prices from the 2022 highs.
Why did natural gas get so cheap after 2008?
Shale. Fracking unlocked enormous low-cost supply just as the recession cut demand — Henry Hub fell from double digits to a $2–4 range that held for most of the 2010s, transforming US electricity, manufacturing and eventually LNG exports.