The NYMEX crude-to-gas ratio for February 2026 to date — shown by the green bar in the chart below — has risen to 18.5, up from 15.6 in January. February crude is averaging $63.78/bbl, while Henry Hub gas is averaging $3.48/MMBtu. Despite the month-over-month increase, the ratio remains slightly below year-ago levels, compared with 19.5 in February 2025 — shown by the red bar — when crude averaged $71.18/bbl and gas $3.69/MMBtu. Overall, the ratio is up about 18% from January but still roughly 5% lower year-on-year.
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Chart Toppers: Crude-to-Gas Ratio Keeps Sliding Into November
The NYMEX crude-to-gas ratio for November 2025 — shown by the green bar in the chart below — stands at 13.5, down from 18.2 in October, continuing a steady decline since August, with crude averaging $59.7/bbl and gas at $4.43/MMBtu.
- Analyst Insight
Chart Toppers: Propane-to-Crude Ratio Increases
Propane-to-crude climbs in December — spring levels still rolling their eyes.
- Analyst Insight
USGC Monthly Crude to Gas Ratio - Chart Toppers
The crude-to-gas ratio slipped to 18.6 in October, down from 21.3 in September and well below 28.1 a year ago. Softer crude prices and firm gas demand continue to reshape the balance heading into late 2025.
