MMBtu

An MMBtu (million British thermal units) is the standard unit used to price and measure natural gas and LNG in North American and internationally quoted markets.

Natural gas and LNG are priced and measured by their heat energy rather than by volume alone, since the same volume of gas can contain a different amount of usable energy depending on its exact composition. The MMBtu, a million British thermal units, is the standard unit for this, used by every major gas benchmark from Henry Hub to TTF to JKM.

Pricing gas this way lets buyers compare cargoes and pipeline flows of slightly different composition on a like-for-like basis, since what a power plant or factory actually needs is the energy the gas delivers, not a fixed volume of it. Contracts, tariffs, and government statistics for natural gas and LNG are almost always expressed per MMBtu, making it the common currency across an otherwise fragmented set of regional gas markets.