US gas, heating and power. The contract it trades on, who produces it, the figures its price is set against, how to get exposure, and how far its price fell from its highs in five years.
Verified figures, not advice. Contract terms, production, stocks and fund costs come from the exchange, government agencies and fund issuers named beside each figure, read on 14 Oct 2026. A figure we could not verify is shown as "not verified"; a figure we worked out ourselves is marked "computed". We do not say where a price is going or whether to buy. Commodity funds and futures can lose more than you expect. Found a mistake? Tell us and we correct it.
Source: cmegroup.com. Read on 2026-10-14.
Price alone does not say whether a commodity is dear or cheap. Stocks, balances and costs show how tight or loose the market is. We list them as published, with the date.
From Oct 2021 to Sep 2026 the front-month futures price of Natural gas (Henry Hub) changed by -44.2%. The path matters as much as that end result: the deepest fall below a previous high was -80.7%, from Aug 2022 to Mar 2024 (19 months).
It has not climbed back to that earlier high.
At the end of Sep 2026 it was 66.8% below its highest month-end (Aug 2022).
Time spent more than 20% below its high: 51 of 60 months.
Among the 14 commodities with a chart here, the median deepest fall was -49.0%. Natural gas (Henry Hub) ranks 1 of 14 from deepest, so its fall was deeper than the median.
A second, independent series (US EIA spot price, Henry Hub (via FRED); month-end) gives a deepest fall of -82.8%, a gap of 2.1 points from ours, with the low point 0 months apart. We take the two as agreeing.
How we made this: month-end settlement prices of the front-month futures contract from Yahoo Finance, read on 14 October 2026, checked against a second source as described above. A front-month series jumps when the contract changes, so it is not the return of any fund. The figures and the chart are our own calculation; we do not republish the raw prices.
ProductStructureAnnual costSource
United States Natural Gas Fund, LP
UNG, United States Commodity Funds LLC (general partner)
Futures-based commodity pool (near-month Henry Hub futures)
1.17%
Total annual fund operating expenses; management fee 0.60% up to $1bn of net assets, 0.50% above
WisdomTree Natural Gas
NGAS (USD, LSE); NGSP (GBP), WisdomTree Commodity Securities Limited (Jersey)
Exchange traded commodity (debt security); synthetic via fully funded collateralised swap
0.49%
Management fee; separate swap rate 0.45%
Futures roll. UNG's prospectus says a prolonged period of contango could significantly hurt its NAV and total return, and that contango and backwardation can make its return differ greatly from the spot gas price. (sec.gov)
Natural gas futures can swing sharply with weather and storage reports, and futures-based funds such as UNG can lose value over time through contango even if spot prices are flat.
A price move says what buyers paid, not what the commodity is worth. For what we mean by value, see What is value?
Questions people ask
What moves the price of Natural gas (Henry Hub)?
Storage relative to normal: EIA expects inventories to stay above the five-year average, which limits upward price pressure.
How can I get exposure to Natural gas (Henry Hub)?
Through futures on CME Group (NYMEX), or through funds and exchange-traded products. Step 6 lists the ones we verified, with structure and cost. Funds that hold futures can differ from the spot price.
Why can a fund differ from the price I see?
A fund that holds futures must sell contracts about to expire and buy later ones. When the later ones cost more (contango) each roll can cost money; when they cost less it can add. So its return is not the spot price.