Last reviewed on October 3, 2026.
Natural gas is priced in different units in different markets: dollars per MMBtu at Henry Hub, euros per MWh at TTF, pence per therm at the UK's NBP, Canadian dollars per GJ at AECO. Use the calculator below, then read on for the conversion factors and volume units.
| Unit | Equivalent price |
|---|
The default exchange rate and price are examples only — enter today's values. Calculations run in your browser.
Energy units and conversion factors
| Unit | Equivalent |
|---|---|
| 1 MMBtu (million British thermal units) | 1,000,000 Btu = 10 therms = 0.293 MWh = 1.055 GJ |
| 1 therm | 100,000 Btu = 0.1 MMBtu |
| 1 MWh (megawatt-hour) | 3.412 MMBtu |
| 1 GJ (gigajoule) | 0.948 MMBtu |
| 1 Mcf (thousand cubic feet) | about 1.04 MMBtu; the EIA's recent U.S. average heat content is roughly 1,036–1,038 Btu per cubic foot, and it varies with gas composition |
"M" in U.S. gas units comes from the Roman numeral for a thousand, so Mcf is a thousand cubic feet and MMcf a million; MMBtu is a million Btu.
Volume and flow units
- Bcf = billion cubic feet; Tcf = trillion cubic feet. EIA storage is reported in Bcf.
- Bcf/d = billion cubic feet per day, the usual unit for production, consumption and LNG feedgas.
- Bcm = billion cubic metres, common outside North America; 1 Bcm ≈ 35.3 Bcf.
- MTPA = million tonnes per annum of LNG, used for liquefaction capacity. As a rule of thumb, 1 MTPA ≈ 0.13 Bcf/d of gas.
Gross vs net heating value (GHV vs NHV)
The energy content of gas can be measured on a gross (higher) heating value basis, which includes the heat recovered by condensing water vapour in the exhaust, or a net (lower) basis, which does not. Henry Hub prices and U.S. Btu figures are on a gross basis, and European hub prices in MWh are normally quoted on a gross calorific value basis too. Net values are about 10% lower for natural gas, so check the basis when comparing statistics from different sources.
How U.S. LNG export prices are built from Henry Hub
Many long-term U.S. Gulf Coast LNG contracts price the gas at 115% of Henry Hub plus a fixed liquefaction fee per MMBtu; the 15% uplift covers fuel and other costs. A buyer then adds shipping and regasification to get a delivered cost in Europe or Asia.
Illustrative calculation (hypothetical numbers): with Henry Hub at $3.00, a $2.50 liquefaction fee, $1.00 shipping and $0.50 regasification, the delivered cost is 1.15 × 3.00 + 2.50 + 1.00 + 0.50 = $7.45/MMBtu, or about €23.1/MWh at 1.10 dollars per euro. If TTF trades above that level, the cargo is "in the money" for Europe. Actual fees and freight rates vary by contract and over time.