DHHNGSP: Henry Hub Natural Gas Daily Spot Price in USD/MMBtu (1997–2026)

DHHNGSP is the Federal Reserve Bank of St. Louis (FRED) identifier for the Henry Hub Natural Gas Spot Price, published on behalf of the US Energy Information Administration (EIA) in USD per million British thermal units (MMBtu). The daily DHHNGSP series runs since January 1997 and is the canonical US natural gas reference, used by NYMEX futures settlement, LNG export pricing contracts, and electricity dispatch models. It captures the spot price at the Sabine Pipe Line Company’s Henry Hub in Erath, Louisiana — the most liquid US natural gas trading hub and the physical delivery point for the NG futures contract.

Dataset: Natural Gas Price — Henry Hub (1997–2026) · Updated 2026-07-27

Source: FRED series DHHNGSP · Federal Reserve Bank of St. Louis

Macro Takeaway

Dataset Overview

Dataset Variables

The CSV and Excel files contain the following columns.

Column names match the CSV headers exactly.

Download the Complete Dataset

The full dataset is available in CSV and Excel formats.

FRED Direct CSV Access

The raw data is available via FRED under code DHHNGSP:

https://fred.stlouisfed.org/graph/fredgraph.csv?id=DHHNGSP

The Eco3min version provides a clean, analysis-ready format with consistent column names, pre-calculated derived metrics where applicable, and both CSV and Excel downloads.

Direct CSV Access — Eco3min Structured Dataset

https://eco3min.fr/dataset/natural-gas-price.csv

This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.

Using the Dataset in Python

import pandas as pd

url = "https://eco3min.fr/dataset/natural-gas-price.csv"
df = pd.read_csv(url)

print(df.head())
print(f"Latest value: {df['natgas_price_usd'].iloc[-1]:.2f}")

Using the Dataset in R

library(readr)

url <- "https://eco3min.fr/dataset/natural-gas-price.csv"
df <- read_csv(url)

head(df)
summary(df$natgas_price_usd)

Both examples load the dataset directly from the URL — no download or API key required.

Methodology

The US Energy Information Administration (EIA) compiles the Henry Hub daily spot price from broker and market reports of physical gas trades for next-day delivery at the Sabine Pipe Line Company’s Henry Hub. FRED republishes the EIA series under code DHHNGSP. The price is quoted in USD per million British thermal units (MMBtu) and is the underlying reference for NYMEX natural gas futures (NG) settlement and most US LNG export contracts.

This dataset is updated automatically via the Eco3min data pipeline.

Data Quality & Provider Notes

DHHNGSP is one of the most-cited commodity price series in macro-finance, used by trading desks, electricity dispatchers, and inflation analysts. The series is mechanically reliable but has cadence and revision quirks worth knowing before building a model on it.

• Release latency. EIA publishes DHHNGSP daily with approximately one business-day lag. FRED mirrors the EIA release; the Eco3min pipeline pulls the FRED feed daily.
• Revisions policy. Henry Hub spot prices are rarely revised once published. Occasional minor revisions occur when EIA reconciles broker reports for thinly traded sessions, but historical DHHNGSP values are stable for analytical purposes.
• Alternative sources. The CME Group publishes NYMEX natural gas futures (NG1 front-month) settlement prices, which closely track DHHNGSP but embed forward expectations. Argus, Platts, and ICE provide subscription-based real-time Henry Hub spot quotes. The EIA Weekly Natural Gas Storage Report (Thursdays at 10:30 ET) is the principal weekly fundamental driver of DHHNGSP moves.
• Known gaps. Weekends, US federal holidays, and occasional days with no reported trades produce gaps in the daily DHHNGSP series. Analyses requiring a continuous daily series should either forward-fill or use a monthly average.

For forward-looking analysis, DHHNGSP is best read alongside the NYMEX NG futures curve and weekly EIA storage data rather than in isolation.

Common Pitfalls When Using DHHNGSP

DHHNGSP is widely used but several recurring interpretation errors distort the signal.

1. Benchmark confusion — Henry Hub vs TTF vs JKM. DHHNGSP is the US Henry Hub spot price. European Dutch TTF and Asian Japan/Korea Marker (JKM) often trade at multiples of DHHNGSP because LNG transportation and liquefaction costs do not arbitrage the gap away in real time. Users comparing US gas to global gas should source TTF and JKM separately rather than treating DHHNGSP as a global proxy.
2. Spot vs futures curve. DHHNGSP is the current-day spot price, not the forward expectation. NYMEX NG1, NG2, and the calendar strip embed seasonal premia (winter contracts trade above summer contracts most years) and supply expectations. Using DHHNGSP to forecast NG-fuelled electricity generation costs months ahead misses the futures-curve signal.
3. Unit confusion — $/MMBtu vs $/cf vs $/Btu. DHHNGSP is quoted in USD per million British thermal units. One MMBtu equals roughly 1,030 cubic feet of pipeline-quality natural gas. Comparisons against $/thousand-cubic-feet (Mcf) or per-cubic-foot quotes require unit conversion; ignoring this produces three-orders-of-magnitude errors.
4. Direct vs indirect inflation effect. Natural gas appears in CPI with a small direct weight (utility-piped gas, roughly 0.5–1%). Its larger inflation transmission runs through electricity generation costs, fertiliser, and petrochemical inputs — channels that show up in CPI and PPI with several months of lag rather than contemporaneously with DHHNGSP moves.

Historical Regimes

1997–2008 — Pre-shale volatility. DHHNGSP ranged from $1.50 to $15/MMBtu with extreme seasonal and hurricane-driven spikes. The 2005 Katrina-driven spike to $15 and the 2008 oil-correlated surge defined this era of supply fragility.

2008–2020 — Shale abundance. The Marcellus and Permian shale revolutions flooded the market. DHHNGSP collapsed to a $1.50–3.50/MMBtu range, the longest sustained low-price period in the dataset. Associated gas from oil drilling added further supply pressure, decoupling DHHNGSP from WTI crude.

2020–2022 — Energy crisis. Post-COVID demand recovery, the Russia–Ukraine conflict, and LNG export growth drove DHHNGSP from $1.50 (June 2020) to $9.50 (August 2022) — a 6× increase in two years.

2023–2026 — New equilibrium. Warm winters, continued production growth, and storage rebuilds pushed DHHNGSP back to $2–3/MMBtu. The market is testing whether structural LNG export demand creates a durable floor above pre-shale lows, with cross-checks against the Brent crude oil price and the copper price revealing the broader industrial-commodity regime.

Related Macroeconomic Datasets

DHHNGSP is best analysed alongside other energy benchmarks, dollar reference, and industrial commodity series.

Frequently Asked Questions

Macroeconomic Dataset Hub

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Sources

• Federal Reserve Bank of St. Louis — FRED series DHHNGSP
• US Energy Information Administration (EIA) — underlying Henry Hub spot price compilation

Dataset Reference

Eco3min Research. (2026). DHHNGSP — Henry Hub Natural Gas Spot Price (1997–2026).<br> https://eco3min.fr/en/natural-gas-price-history-dataset/