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17 November 17:00
On the Situation in the Global Gas Market
19:19; 17 November 2025 year
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Gas pricing mechanisms in the world, including for gas of Russian origin, are formed based on global gas and petroleum product prices.
Global gas markets have their key price benchmarks. There are several reference indicators, two of which are primary:
1. American market (Henry Hub):
- Current price: correction on Monday to 4.5 USD/million BTU (British thermal units).
2. European market (TTF):
- Current price: increase to 376 USD/1000 m³.
1. Henry Hub - American gas. This is essentially the Henry Hub gas distribution hub in Louisiana. This benchmark plays a leading role in forming natural gas prices in the US, which are traded on the New York exchange. The unit of measurement is British thermal units (BTU). To convert the price to the equivalent of 1000 cubic meters, a conversion factor of 35.8 is used. It is important to note that this price reflects the pure cost of raw material, without taking into account the costs of liquefaction, transportation, and regasification. Consequently, consumers in the US pay significantly more for gas.
2. TTF - European gas. This is the main benchmark for gas prices in Europe. The name stands for Title Transfer Facility - a virtual gas trading platform.
Gas trading on TTF mainly takes place on DUTCH TTF NATURAL GAS. This exchange is the leader of the European gas market. About 20 trillion cubic meters of gas are sold annually on this exchange.
It is worth noting that on the Russian futures market (Moscow Exchange), futures contracts for American gas are traded. Notably, since April 8, 2025, investors have had access to trade futures on European gas.
On the Moscow Exchange, such contracts are designated with the code NG-11.25 and similar combinations of numbers and letters.
This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.
