Global Gas Prices Reach Record Highs Amid Supply Shortages and Rising Demand

19:23; 03 February 2026 year

### Two Global Gas Pricing Hubs: Henry Hub in the US and TTF in Europe Two major global hubs set the price for natural gas, including Russian gas: Henry Hub in the United States and the Dutch TTF Gas hub in Europe. 1. **US Market (Henry Hub)**: - Current price: rose to $3.2 per million BTU (British Thermal Units) on Tuesday. 2. **European Market (TTF)**: - Current price: corrected to $393 per 1,000 cubic meters. #### 1. Natural Gas in the US (NG) The benchmark price for gas in the US is set at the Henry Hub storage facility in Louisiana. #### 2. European Gas European gas trading primarily takes place at European gas hubs, with the largest being the Dutch TTF Natural Gas Exchange. This Dutch hub dominates 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 traded annually. ### Global Gas Pricing Mechanisms Global gas pricing mechanisms are diverse, including: - **Exchange trading** (competitive pricing, as seen on TTF in Europe) - **Oil-indexation** (linking gas prices to oil prices) - **Regulated prices** and **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). Russian gas prices, particularly for export markets, have traditionally been heavily dependent on oil-indexation but are now more aligned with spot markets and competitive mechanisms, although the link to energy prices remains. This overview was presented by Alexey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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