Natural gas
US benchmark, Indian domestic ceiling, and the heat-parity crude-to-gas ratio. Henry Hub is a US benchmark, not a delivered LNG price for India.
as of 9 Sept 2026
Henry Hub
$2.81/ MMBtu
US benchmark, daily spot
Domestic reference price
$9.00/ MMBtu
PPAC · 1–30 September 2026
ONGC / OIL nomination APM
$7.00/ MMBtu
PPAC ceiling · 1–30 September 2026
HPHT / deepwater
$8.90/ MMBtu
PPAC ceiling · 1 April–30 September 2026
Gas vs crude, heat-parity
One barrel of crude equals roughly 5.8 MMBtu of heat energy. At the latest stored observations, Henry Hub ($2.81) translates to $16.30 / bbl-equivalent, versus Brent $120.98. The ratio is 0.13. This energy-equivalent comparison excludes liquefaction, shipping, regasification, and local taxes.
India context
PPAC lists domestic natural gas at $9.00/MMBtu for 1–30 September 2026, while gas from ONGC/OIL nomination fields is capped at $7.00/MMBtu for the same period. Its published ceiling for deepwater, ultra-deepwater and high-pressure/high-temperature fields is $8.90/MMBtu for 1 April–30 September 2026. These are notified values for the stated periods, not forecasts.
The APM price feeds GAIL's transmission economics, ONGC's gas monetisation, and the CGD (city gas distribution) margin stack. A lower APM price is good for industrial and CNG customers, hard on upstream producer earnings.