On the Situation in the Global Gas Market

16:20; 19 December 2025 year

### Russian Natural Gas Pricing Depends on Global Gas and Oil Prices The pricing of Russian natural gas is influenced by global gas and oil prices. The main global price benchmarks for gas are presented below (Henry Hub - USA, TTF hub - Netherlands). 1. **American Market (Henry Hub):** - **Current Price:** Increase on Friday to $3.8 per million BTU (British Thermal Units). 2. **European Market (TTF):** - **Current Price:** Adjustment to $338 per 1,000 cubic meters. **Henry Hub (American Market):** - The basic price indicator for the USA. - Conversion to cubic meters can be done using a factor of 35.8 (approximately $104 per 1,000 cubic meters). - The final price for consumers in the USA is significantly higher due to additional costs (liquefaction, transportation). **TTF (European Market):** - The largest European hub in the Netherlands. - Annual turnover: 20 trillion cubic meters (14 times more than the internal needs of the EU). The price benchmark on the Moscow Exchange is represented by gas contracts with ticker symbols NG-11.25. It is important to note the pronounced seasonality of demand (peak consumption in winter), and the decrease in gas consumption in the EU during late spring and summer. Russian gas prices correlate with the aforementioned global indicators. Prepared 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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