Global Gas Market Faces Supply Disruptions Amid Rising Demand

19:46; 23 January 2026 year

### Russian Natural Gas Prices Depend on Global Gas and Oil Prices Russian natural gas prices are influenced by global gas and oil prices. The main international benchmarks for gas prices are: 1. **Henry Hub (USA)** - Current price: increased to $4.8 per million BTU (British Thermal Units) on Friday. 2. **TTF (Netherlands)** - Current price: corrected to $450 per 1,000 cubic meters. ### 1. Natural Gas in the USA The benchmark price for natural gas in the United States is set at the Henry Hub storage facility in Louisiana. ### 2. European Gas European gas trading primarily takes place on European gas hubs, with the largest being the Dutch TTF Natural Gas Exchange. This Dutch exchange leads the European gas market due to its trading volume, which exceeds the internal gas needs of the Netherlands by more than 14 times. Approximately 20 trillion cubic meters of gas are traded annually through this hub. Russian gas prices, particularly for export markets, have traditionally been heavily dependent on oil-indexed contracts, but are now increasingly aligned with spot markets and competitive mechanisms, although a correlation with energy prices remains. Global gas pricing mechanisms are diverse, including: - **Exchange trading** (competitive pricing, as seen on TTF in Europe) - **Oil-indexed pricing** (linking gas prices to oil prices) - **Regulated prices** - **Direct contracts** where prices are determined by the balance of supply and demand, influencing global benchmarks such as gas prices and the cost of alternative fuels (gas, oil, coal). This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management of the Higher School of Management at the Financial University under the Government of the Russian Federation.

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