GAIL India managed to clinch a deal to import natural gas from a US-based company for deliveries from 2016-17 at the Henry Hub-benchmarked price, which is lower than the Japanese Crude Cocktail (JCC). This is a remarkable achievement for India because so far all import deals signed by Indian companies were at a price calculated as a certain percentage of JCC.JCC is the nickname for Japan Customs-cleared Crude, the average price of customs-cleared crude oil imports into Japan. It is a commonly used index in long-term liquefied natural gas (LNG) contracts in Japan, Korea and Taiwan.GAIL has contracted import of 3.5 million tonne annually at the Henry Hub-benchmarked price. Henry Hub is the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange. It is a point on the natural gas pipeline system in Louisiana and spot and future prices set at Henry Hub are generally seen to be the primary one for the North American gas market.