Global Gas Market Overview

19:18; 04 February 2026 year

### Natural Gas Pricing Dynamics: Russian Gas Prices Reflect Global Market Trends Global natural gas prices, including those for Russian gas, are determined by current international prices for both gas and oil. There are two primary international benchmarks for natural gas pricing: 1. **Henry Hub (United States)** - Current price: Adjusted to $3.2 per million BTU (British Thermal Units) on Wednesday. 2. **TTF (Europe)** - Current price: Increased to $413 per 1,000 cubic meters on Wednesday. ### Henry Hub Henry Hub is the benchmark for natural gas prices in the United States. It is a physical hub located in Louisiana where gas is traded on the New York Mercantile Exchange (NYMEX). The price is measured in BTUs. To convert the price to an equivalent of 1,000 cubic meters, a conversion factor of 35.8 is used. It’s important to note that this price reflects only the raw cost of the gas, excluding liquefaction, transportation, and regasification costs. Therefore, end consumers in the U.S. pay significantly more for natural gas. ### TTF TTF stands for Title Transfer Facility, which is the main benchmark for gas prices in Europe. It is a virtual trading platform for gas. ### Pricing Mechanisms Global gas pricing mechanisms are diverse and include: - **Exchange-based 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 supply and demand dynamics, influencing global benchmarks such as gas and alternative fuel prices (gas, oil, coal). Russian gas prices, particularly for export markets, have traditionally been heavily influenced by oil-indexation, but now increasingly rely on spot markets and competitive mechanisms, although a correlation with energy prices remains. This analysis was provided by Alexei Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management at the Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.

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