On the Situation in the Global Gas Market

20:51; 29 October 2025 year

### Natural Gas Pricing, Including Russian Origin, is Formed Based on Current World Prices for Gas and Oil There are two main international centers for natural gas pricing: Henry Hub in the USA and the Dutch hub - TTF Gas. 1. **American Market (Henry Hub):** - Current price: correction on Wednesday to $3.3 per million BTU (British Thermal Units). 2. **European Market (TTF):** - Current price: correction on Wednesday to $380 per 1,000 cubic meters. ### 1. Natural Gas in the USA (Natural Gas - NG) The benchmark price for gas in the USA is the price at the Henry Hub storage facility located in Louisiana. The unit of measurement is British Thermal Units (BTU). To convert this price into the commonly used equivalent of 1,000 cubic meters, an approximate conversion factor of 35.8 is used. It is important to note that this price reflects the pure cost of the raw material and does not include the costs of liquefaction, transportation, and regasification. Therefore, the end consumer in the USA pays significantly more for the gas. On the Moscow Exchange, such contracts are denoted by the code NG-11.25 and similar combinations of numbers and letters. ### 2. European Gas Trading in European gas takes place mainly on European gas hubs, the largest of which is the Dutch TTF Natural Gas Exchange. This Dutch exchange is the leader in the European gas market due to its trading volume, which exceeds the internal needs of the Netherlands by more than 14 times. Approximately 20 trillion cubic meters of gas are sold annually here. It is important to consider the high seasonality of demand for natural gas, which is significantly increased during the winter heating period. Overview provided by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty "Higher School of Management" at the Financial University under the Government of the Russian Federation.

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