The WTI crude-to-gas ratio for July 2026 to date — shown by the green bar in the chart below — has declined to 21.40, down from 25.39 in June. July crude is averaging $68.65/bbl, while Henry Hub gas is averaging $3.21/MMBtu. By comparison, the ratio stood at 20.30 in July 2025 — shown by the red bar — when crude averaged $67.17/bbl and gas averaged $3.32/MMBtu. After reaching a peak of 36.61 in April 2026, the ratio has declined for three consecutive months and is now just 5% above year-ago levels.
