| Crude to Gas Ratio |
33.77
-0.67
|
|---|---|
| Last updated: September 22, 2026 08:20 | |
Crude to Gas Ratio
The crude oil-to-natural gas ratio is a measure of the relative value of hydrocarbons in a liquid form (e.g. crude oil) and hydrocarbons in a gaseous form (e.g. natural gas). The ratio is calculated by dividing the price of crude oil in dollars per barrel ($/Bbl) by natural gas in dollars per million BTU ($/MMBtu). The statistic shown here uses the front-month futures contract price for CME/NYMEX crude oil at Cushing versus the natural gas price at Henry Hub. This ratio is an excellent indicator of the market dynamics between crude and gas in the U.S.
When the ratio is high that means that crude oil is worth far more than natural gas. Producers are motivated to shift drilling budgets from gas to crude. The spread between gas and NGLs (which are influenced by crude prices) tends to widen, improving the value of natural gas processing. When the ratio is low, it gas is high relative to crude, and the opposite pressures impact the markets.
Related Articles
The $52 Million Voyage: Freight Squeezes the Export Arb
The tanker bill keeps climbing for U.S. crude headed to Asia. As discussed in this week’s Tradeview and Crude Voyager reports, the cost of chartering a Very Large Crude Carrier (VLCC) from the U.S.
Move In The Right Direction – Plains Advances Growth Strategy With Silver Creek Purchase
Plains All American is buying Silver Creek’s integrated crude oil gathering system in the Powder River Basin for $585 million. Today, we look at how the deal could reshape flows around the Powder River Basin and strengthen Plains’ ability to move crude toward the Cushing, OK, storage hub.
U.S. Rig Count Up Four to 595; Gas Rigs Back to Highest Level Since July 2023
U.S. oil and gas rig count gained four rigs to 595 for the week ending September 18 according to Baker Hughes data, as gains in the Bakken (+3), Permian (+1) and All Other (+2) outweighed one-rig declines in Haynesville and the Niobrara.
VLCC Freight Rates Soar to Record High
As discussed in this week’s Crude Voyager, the cost of moving U.S.
Pink Pony Club – Enbridge Saddles Up for Expanded Crude Service With Pony Express Acquisition
Enbridge is buying Tallgrass Energy's crude oil transportation business for $2.55 billion. The deal includes a 75% stake in the 1,050-mile Pony Express Pipeline system, which connects oil production in the Rockies to Cushing and provides access to about 500 Mb/d of refining capacity.
