Global Gas Market: Situation Analysis and Trends

22:55; 30 January 2026 year

Russian Natural Gas Prices Linked to Global Gas and Oil Markets Russian natural gas prices are influenced by global gas and oil prices. The main global benchmarks for gas pricing are as follows (Henry Hub in the US, TTF hub in the Netherlands). 1. (Henry Hub) - U.S. Market: - Current price: increased to $3.8 USD per million British thermal units (MMBtu) on Friday. 2. (TTF) - European Market: - Current price: increased to €478 per 1,000 cubic meters. 1. U.S. Natural Gas (Natural Gas - NG): The benchmark price for gas in the U.S. is the Henry Hub storage facility in Louisiana. 2. European Natural Gas: European gas trading predominantly takes place on European gas hubs, with the Dutch TTF Natural Gas hub being the leading player. The TTF hub, located in the Netherlands, has trading volumes exceeding domestic Dutch needs by more than 14 times, with annual gas trade volume reaching approximately 20 trillion cubic meters. Russian gas prices, particularly for export markets, have traditionally been heavily reliant on oil price indices but are now increasingly aligned with spot market dynamics and competitive mechanisms, although the connection to energy prices remains significant. Worldwide gas pricing mechanisms are diverse, including market-based trading (competitive pricing, as on the TTF in Europe), oil-indexed pricing (prices linked to oil), regulated pricing, and direct contracts, where pricing is determined by the balance of supply and demand, affecting global benchmarks, including gas prices and alternative fuel costs (gas, oil, coal). The overview was presented by Alexey 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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