Prices · market context
Why your royalty check changed, period by period.
Henry Hub gas and WTI oil prices from the U.S. Energy Information Administration, with the events behind each big move explained in plain language. A benchmark is not your royalty price and not a valuation. It is the starting point for understanding your statement.
- Benchmark is not realized
- West Virginia gas sells below Henry Hub, and the gap moves with pipeline capacity.
- Statements lag
- Most royalties arrive one to two months after the production month.
- Buyers price the strip
- An offer tracks the forward curve, not last month’s spot, and says which curve it used.
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What Appalachian operators were actually paid, by quarter
The hub prices that set the West Virginia discount are licensed data. What the operators received is public: each quarter they report it to the Securities and Exchange Commission. In Q2 2026 the five largest reported $2.38 to $2.66 per Mcf for their gas before hedging, against a Henry Hub average of $2.89 per MMBtu. The before-hedge price is the one a royalty is paid on; hedge gains and losses stay with the operator.
| Quarter | Henry Hub (NYMEX) $/MMBtu | EQT before hedges · after | Antero Resources before hedges · after | Expand Energy Southwest Appalachia before hedges · after | Range Resources before hedges · after | CNX Resources before hedges · after |
|---|---|---|---|---|---|---|
| Q2 2026 | $2.89 | $2.38 · $2.51 −$0.67 to NYMEX, as stated | $2.66 · $3.18 | $2.47 · $2.90 | $2.41 · $2.79 −$0.48 to NYMEX, as stated | $2.40 · $2.73 |
| Q1 2026 | $4.95 | $5.27 · $5.07 +$0.05 to NYMEX, as stated | $5.57 · $4.86 | $4.42 · $4.28 | $5.18 · $4.85 +$0.21 to NYMEX, as stated | $4.74 · $3.15 |
| Q2 2025 | $3.43 | $2.88 · $2.69 −$0.75 to NYMEX, as stated | $3.39 · $3.36 | $3.11 · $2.98 | $2.92 · $3.13 −$0.52 to NYMEX, as stated | $2.84 · $2.61 |
| Q1 2025 | $3.65 | $3.74 · $3.66 −$0.09 to NYMEX, as stated | $4.01 · $3.95 | $3.38 · $3.51 | $3.61 · $3.64 −$0.05 to NYMEX, as stated | $3.66 · $2.85 |
Check the price on your statement against Henry Hub
Type the month and the price your operator paid, from the royalty statement. The tool shows the Henry Hub average for that month and the gap. Nothing you type is sent anywhere.
What this can and cannot tell you
Henry Hub is a benchmark in Louisiana. West Virginia gas sells at Appalachian hubs that price below it, and the gap moves with pipeline capacity: wide when pipes are full, narrower since the Mountain Valley Pipeline opened in 2024. The price on a statement is lower again by whatever deductions the lease allows, and it may be tied to a first-of-month index rather than the monthly average shown here. A per-Mcf price is converted at 1.037 MMBtu per Mcf, an average; rich Appalachian gas carries more heat per Mcf than that.
So the gap this tool shows is basis plus deductions plus those differences. It cannot say whether you were paid correctly, and it is not a valuation. What it can do is tell you whether the gap is the ordinary kind or the kind that deserves a question to the operator and a read of the deductions clause. An experiment on this page; tell us if it helped or misled.
How to read these charts against your royalty statement
- Benchmarks are not realized prices. West Virginia gas usually sells at an Appalachian index that trades below Henry Hub, and the gap changes with pipeline capacity. Your statement shows the price your operator received, after any deductions the lease allows.
- Statements lag. Most royalties arrive one to two months after the production month, so a price spike appears on a later check.
- Monthly averages matter more than daily spikes. Much gas is sold on first-of-month index prices. A one-day print of $30 lifted the January 2026 average to $7.72, and that average is what most statements reflected.
- Oil and gas move for different reasons. Oil follows global supply, shipping, and OPEC+ decisions. U.S. gas follows weather, storage, production, and LNG exports. The 2026 oil surge barely touched gas.
Questions owners ask
Why do you show Henry Hub and WTI rather than West Virginia prices?
They are the public benchmarks with long, freely available histories and clear publication dates. Appalachian regional indexes are licensed data. In their place, the operator table above shows what the largest Appalachian producers report they were paid each quarter, from public filings.
Are the explanations verified?
Each entry cites its sources and is labeled as a draft until a named reviewer signs it, following the site’s editorial standards. If you believe an entry is wrong, use the correction path on the About page.
Does a higher benchmark mean a buyer will offer more?
Usually offers track the forward curve, not the spot price, and with a lag. A written offer from us states the price assumptions it used, so you can compare them with these charts.