On the Situation in the Global Gas Market

19:35; 19 November 2025 year

### Natural Gas Pricing, Including Russian Origin, is Determined Based on Current Global Gas and Oil Prices 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: Adjustment on Wednesday to $4.4 per million BTU (British Thermal Units). 2. **European Market (TTF):** - Current price: Adjustment on Wednesday to $373 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 in Louisiana. The unit of measurement is British Thermal Units (BTU). To convert this price to the commonly used equivalent of 1,000 cubic meters, an approximate factor of 35.8 is used. It is important to note that this price reflects only the raw material cost and does not include liquefaction, transportation, and regasification costs. Therefore, the end consumer in the USA pays significantly more. On the Moscow Exchange, such contracts are designated by the code NG-11.25 and similar combinations of numbers and letters. 2. **European Gas:** European gas trading primarily takes place on European gas hubs, with the largest being the Dutch TTF Natural Gas. 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 natural gas demand, which is significantly increased during the winter heating period. ### Overview presented by Alexey Grishchenko, Doctor of Economics, Professor at 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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