"On the Global Gas Market Situation"

19:19; 10 December 2025 year

The price of natural gas, including Russian natural gas, is determined based on current global gas and oil prices. Two major global centers for natural gas pricing can be identified: in the United States - Henry Hub, and in the EU - the Dutch hub - TTF Gas. 1. U.S. Market (Henry Hub): - Current price: rose to $4.50 per million British thermal units (BTU) on Tuesday. 2. European Market (TTF): - Current price: adjusted to 327 euros per 1,000 cubic meters. 1. Gas in the U.S. (Natural Gas - NG): The benchmark price for gas in the U.S. is the Henry Hub storage facility in Louisiana. - The unit of measurement is British thermal units (BTU). To convert this price to the standard equivalent of 1,000 cubic meters, an approximate factor of 33.8 is used. It is important to note that this price reflects the raw cost of the raw material without taking into account the costs of liquefaction, transportation, and reverse regasification. Therefore, the consumer in the U.S. pays significantly more for gas. - On the Moscow Exchange, these contracts are denoted by the code NG-11.25 and similar combinations of digits and letters. 2. European Gas: Trading of European gas primarily takes place on European gas hubs, with the Dutch TTF being the largest hub. This Dutch exchange is the leader of the European gas market due to its trading volume exceeding the internal needs of the Netherlands by more than 14 times. Here, approximately 20 trillion cubic meters of gas are traded annually. It is important to note the high seasonality of demand for natural gas, which is driven by a significant increase in consumption during the winter heating season. The review was presented by Alexei Grishchenko, Ph.D., Professor of the Department of Operational and Industry Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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