| Crude to Gas Ratio |
35.01
-0.33
|
|---|---|
| Last updated: September 15, 2026 05:44 | |
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.
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