Dataset
Oil and Gas Price History
Oil and gas price history here means the two benchmarks owners hear about most: West Texas Intermediate crude oil and Henry Hub natural gas, as monthly spot prices from the U.S. Energy Information Administration. They are benchmarks, and the price behind a royalty check is usually lower after differentials and deductions.
In August 2026, WTI crude at Cushing averaged $83.90 a barrel and Henry Hub natural gas $2.78 per million Btu (EIA monthly spot averages). An owner is paid on the price the operator realizes at the well, which is the benchmark adjusted for location, quality and transport, then reduced by any deductions the lease allows and by severance tax. So a royalty check almost always reflects a lower price than these benchmarks.
A dated snapshot. This page is rebuilt from EIA’s published tables at each research release and states the date of every figure. It is not a live feed.
Last 24 months
| Month | WTI, $/bbl | Henry Hub, $/MMBtu |
|---|---|---|
| August 2026 | 83.90 | 2.78 |
| July 2026 | 80.46 | 2.89 |
| June 2026 | 84.81 | 3.15 |
| May 2026 | 102.13 | 2.94 |
| April 2026 | 100.32 | 2.77 |
| March 2026 | 91.38 | 3.04 |
| February 2026 | 64.51 | 3.62 |
| January 2026 | 60.04 | 7.72 |
| December 2025 | 57.97 | 4.26 |
| November 2025 | 60.06 | 3.79 |
| October 2025 | 60.89 | 3.19 |
| September 2025 | 63.96 | 2.97 |
| August 2025 | 64.86 | 2.91 |
| July 2025 | 68.39 | 3.20 |
| June 2025 | 68.17 | 3.02 |
| May 2025 | 62.17 | 3.12 |
| April 2025 | 63.54 | 3.42 |
| March 2025 | 68.24 | 4.12 |
| February 2025 | 71.53 | 4.19 |
| January 2025 | 75.74 | 4.13 |
| December 2024 | 70.12 | 3.01 |
| November 2024 | 69.95 | 2.12 |
| October 2024 | 71.99 | 2.20 |
| September 2024 | 70.24 | 2.28 |
Oil and gas prices by year
WTI averaged $99.57 a barrel in 2008, the highest full year in this series, and $14.45 in 1998, the lowest. Henry Hub natural gas peaked at $8.86 per million Btu in 2008 and averaged $2.03 in 2020, its lowest full year since the series began in 1997.
| Year | WTI, $/bbl | Henry Hub, $/MMBtu |
|---|---|---|
| 2026, through August | 83.44 | 3.61 |
| 2025 | 65.46 | 3.53 |
| 2024 | 76.55 | 2.19 |
| 2023 | 77.64 | 2.54 |
| 2022 | 94.79 | 6.42 |
| 2021 | 67.99 | 3.91 |
| 2020 | 39.23 | 2.03 |
| 2019 | 56.98 | 2.57 |
| 2018 | 64.94 | 3.17 |
| 2017 | 50.88 | 2.99 |
| 2016 | 43.14 | 2.52 |
| 2015 | 48.69 | 2.63 |
| 2014 | 93.26 | 4.39 |
| 2013 | 97.91 | 3.73 |
| 2012 | 94.11 | 2.75 |
| 2011 | 94.87 | 4.00 |
| 2010 | 79.40 | 4.39 |
| 2009 | 61.65 | 3.95 |
| 2008 | 99.57 | 8.86 |
| 2007 | 72.32 | 6.98 |
| 2006 | 66.02 | 6.75 |
| 2005 | 56.49 | 8.81 |
| 2004 | 41.44 | 5.90 |
| 2003 | 31.12 | 5.49 |
| 2002 | 26.12 | 3.37 |
| 2001 | 25.95 | 3.96 |
| 2000 | 30.30 | 4.31 |
| 1999 | 19.26 | 2.27 |
| 1998 | 14.45 | 2.09 |
| 1997 | 20.61 | 2.50 |
| 1996 | 22.11 | no series |
| 1995 | 18.44 | no series |
| 1994 | 17.19 | no series |
| 1993 | 18.45 | no series |
| 1992 | 20.56 | no series |
| 1991 | 21.50 | no series |
| 1990 | 24.47 | no series |
| 1989 | 19.64 | no series |
| 1988 | 15.98 | no series |
| 1987 | 19.17 | no series |
| 1986 | 15.04 | no series |
Each figure is the simple average of EIA’s monthly averages for the year. EIA’s own annual series is computed from daily prices and can differ slightly. Henry Hub monthly prices begin in 1997.
Turn a price into your number
A royalty starts as volume times price times your decimal interest. Take an owner with 10 net mineral acres in a 640 acre unit at a 3/16 royalty: the decimal is 10/640 × 3/16 = 0.0029296875.
If the unit’s wells sell 3,000 barrels in a month at August 2026’s WTI average of $83.90, the gross royalty is 3,000 × $83.90 × 0.0029296875 = $737.40, before deductions and severance tax. The operator’s realized price is usually below WTI, so the real figure is lower.
Open this example in the royalty calculator and replace the volume, price, decimal and deductions with your own.
Price outlook
EIA’s Short-Term Energy Outlook of September 9, 2026 expects Brent crude to average $91 a barrel in 2026, up from $69 in 2025, and $74 in 2027 as global inventories that fell through 2026 begin to rebuild. It puts the Henry Hub natural gas spot price at $3.43 per million Btu in 2026 and $3.28 in 2027, and U.S. crude oil production at 13.8 million barrels a day in 2026, rising to 14.3 million in 2027.
A forecast is not a promise, and EIA revises it every month; its next outlook is due October 6, 2026. Source: EIA, Short-Term Energy Outlook, read October 2, 2026.
Sources
Cushing, OK WTI Spot Price FOB, monthly and Henry Hub Natural Gas Spot Price, monthly, U.S. Energy Information Administration, read October 6, 2026. Gas volumes on statements are often in Mcf while this benchmark is per MMBtu; converting needs the gas’s heating value, which the royalty calculator asks for rather than assuming.
Common questions about oil and gas prices
Why is my royalty price lower than WTI?
WTI is priced at Cushing, Oklahoma, for a light, sweet grade of crude. Oil from your well sells at a differential to that benchmark for its location, its quality and the cost of moving it, and the lease may allow further deductions before severance tax is withheld.
What is the difference between WTI and Brent?
Both are benchmark crude oils. West Texas Intermediate is the U.S. benchmark, delivered at Cushing, Oklahoma, and Brent is the international benchmark, based on North Sea crude. EIA publishes both; this page uses WTI because most U.S. onshore crude is priced against it.
Why is natural gas priced per MMBtu when my statement shows Mcf?
Henry Hub, the U.S. benchmark in Louisiana, is quoted per million British thermal units, a measure of energy. Statements often measure gas by volume, in thousand cubic feet. Converting one to the other needs the gas’s heat content, often printed on the statement as a Btu factor, which is why the royalty calculator asks for it rather than assuming one.
How current are these prices?
They are EIA monthly averages through August 2026, captured on October 1, 2026. The page is a dated snapshot, rebuilt at each research release, not a live feed.