On the Situation in the Global Gas Market

19:35; 26 November 2025 year

### Natural Gas Pricing, Including Russian Origin, Is Formed Based on Current Global Gas and Oil Prices There are two main international pricing centers for natural gas: 1. **Henry Hub in the USA** 2. **Dutch Hub – TTF Gas** #### 1. American Market (Henry Hub): - **Current Price**: Correction on Wednesday to $4.3 per million BTU (British Thermal Units). #### 2. European Market (TTF): - **Current Price**: Correction on Wednesday to $351 per 1000 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 to the standard equivalent of 1000 cubic meters, an approximate conversion factor of 35.8 is used. It is important to note that this price reflects only the raw material cost, excluding liquefaction, transportation, and regasification costs. Consequently, the end consumer in the USA pays significantly more for 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 primarily on European gas hubs, with the largest being 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 on this exchange. It is important to consider the high seasonality of natural gas demand, which is significantly influenced by increased consumption during the winter heating period. This overview was presented by Alexey Grishchenko, Doctor of Economic Sciences, 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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