Henry Hub Open Interest Surges to Record High Two Months Early

The Henry Hub natural gas futures market has reached a record high in open interest, exceeding expectations by reaching 1.81M contracts two months ahead of schedule.

This milestone was achieved on September 1st, surpassing the previous record of 1.801M contracts from November 8th, 2024, by 6,314 contracts or about 0.35%.

CME Group attributed the early buildup to winter volatility, geopolitical shifts, and record LNG output, which has made Henry Hub increasingly sensitive to events outside the United States.

The growth in LNG exports has been significant, with US Energy Information Administration data showing that US LNG exports averaged 17.4 billion cubic feet a day in the first half of 2026, a 23% increase from the same period in 2025.