On the Situation in the Global Gas Market

20:31; 24 October 2025 year

The pricing of Russian natural gas depends on global gas and oil prices. The main global price benchmarks for gas are presented below (Henry Hub - USA, TTF hub in the Netherlands). 1. American market (Henry Hub): - Current price: a drop on Friday to 3.3 USD per million BTU (British Thermal Units). 2. European market (TTF): - Current price: correction to 384 USD per 1000 cubic meters. It should be noted that the American market (Henry Hub) is: - The basic price indicator for the USA, - Conversion to cubic meters can be done with a factor of 35.8 (≈104 USD per 1000 cubic meters). The final price for consumers in the USA is significantly higher due to additional costs (liquefaction, transportation). The European market (TTF) is: - The largest European hub in the Netherlands, - Annual turnover: 20 trillion cubic meters (14 times higher than the internal needs of the EU). The price benchmark on the Moscow Exchange is represented by gas contracts with the ticker symbols NG-11.25. It is worth noting the pronounced seasonality of demand (peak consumption in winter), a decrease in gas consumption in the EU - late spring and summer. At the same time, Russian gas prices correlate with the above-mentioned global indicators. The review was presented by Alexey Grishchenko, Doctor of Economics, Professor of the Department of Operational and Sectoral Management of the Faculty "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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