Platts proposes revisions to Carthage Hub natural gas index methodology

Platts, part of S&P Global Energy, proposes to change its Carthage Hub natural gas daily index methodology to include deliveries into all interconnecting pipelines at the Carthage Hub, not just deliveries from the Carthage processing plant tailgate.

Expanding the definition would align the methodology with Platts treatment of these trades and more accurately reflect the flow of gas through the Carthage Hub.

Platts also proposes to remove deliveries into Southern Natural Gas and Texas Eastern Transmission, which are not connected to the Carthage Hub.

The proposed changes would take effect on trade date Jan. 30, 2026, for delivery on Feb. 1 - 2.

Current methodology definition

"Deliveries into Enable East, Gulf South Pipeline, Atmos Pipeline, Southern Natural Gas, Kinder Morgan Texas Pipelines, Tennessee Gas Pipeline, Texas Eastern Transmission and Texas Gas Transmission at the tailgate of the Carthage, Texas, processing plant in Panola County, Texas."

Proposed methodology definition

"Deliveries at the Carthage Hub in Panola County, Texas. Includes deliveries into Gulf South Pipeline, Gulf Run Transmission, Houston Pipeline, Kinder Morgan Tejas, Tennessee Gas Pipeline, Atmos Pipeline, Texas Gas Transmission, Enable Gas Transmission (East), EasTrans, Enterprise Texas Intrastate System, and Mississippi River Gas Transmission. Deliveries from the Carthage plant tailgate are also included."

This proposal follows a market consultation announced Sept. 12, 2025, linked here. The feedback deadline for the consultation was extended Oct. 10, 2025, linked here.

Platts also gathered feedback on the potential launch of a Carthage Hub monthly index. Platts will not create a Carthage Hub monthly index at this time due to a lack of liquidity. Platts will continue to monitor monthly trading activity at Carthage Hub.

Please submit any feedback to AmericasGasPricing@spglobal.com and pricegroup@spglobal.com by Dec. 31, 2025.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.