General Index launches U.S. Natural Gas Price Benchmarks

Natural gas markets are complex, regionally diverse, and structurally intricate, with trading activity spread across physical and financial contracts, varying delivery terms, and multiple pricing mechanisms. Many existing benchmarks rely on limited datasets and frequently overlook transactions conducted through broker channels not captured by traditional price reporting agencies.

To address this, General Index (GX) has launched ~300 new U.S. Natural Gas Price Benchmarks (beta), covering approximately 111 physical gas locations. Built in close collaboration with brokers and market participants, the benchmarks reflect real, observed trades and offer a more complete and timely view of daily market dynamics.

Our new price indexes include a broad spectrum of market-relevant data:

• Next Day Physical (Fixed Price) Indexes - volume-weighted averages for next-day delivery contracts.
• Bid-week prices (indexes for the the price negotiated and agreed upon during the bid week).

There’s growing demand for new, cost-effective, and transparent pricing alternatives. Many market participants have expressed the need for more reliable and affordable price references, improved market coverage - especially in less visible locations, and better tools to support hedging, risk management and contract negotiations.

By working closely with brokers and traders, GX captures broader deal flow than incumbent providers, giving market participants more confidence in the prices they rely on every day.

Delivering value for all market participants

Our indexes deliver value across the natural gas market ecosystem:

• Traders & Marketers – who need accurate, timely prices for both physical and financial natural gas transactions.
• Risk Managers – who rely on transparent benchmarks for hedging and managing exposure.
• Analysts & Consultants – who integrate the data into market models for forecasting, strategy, and advisory work.
• Utilities & LDCs (Local Distribution Companies) – who need reliable pricing for procurement and customer rate-setting.
• Industrial End-Users – who purchase large volumes of gas and need competitive pricing to manage operational costs.
• Financial Institutions & Funds – who trade gas-linked derivatives and require trustworthy pricing inputs.
• Storage Operators – who use the data to value injection/withdrawal decisions.
• Regulators & Policymakers – for market monitoring and transparency purposes.

Disaggregation by physical vs. financial, fixed vs. basis, and delivered vs. non-delivered contracts allows for bespoke spread calculations, asset optimization, and compliance analytics. As regulatory demands for traceability intensify, GX’s transparent input logic supports audit-ready procurement, trading, and reporting.