Global Gas Market Faces Supply Shortages Amid Rising Demand

19:32; 06 February 2026 year

### Russian Natural Gas Prices Depend on Global Gas and Oil Benchmarks Russian natural gas prices are influenced by global gas and oil prices. The main international gas price benchmarks are as follows: 1. **Henry Hub (USA)**: - Current price: increased to $3.5 per million British Thermal Units (BTU) on Friday. 2. **TTF (Netherlands)**: - Current price: rose to $421 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 predominantly 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 on this platform. Russian gas prices, particularly for export markets, have traditionally been heavily linked to oil prices. However, they are now more influenced by spot markets and competitive mechanisms, although the correlation with energy prices remains. Pricing mechanisms for gas worldwide are diverse: they include exchange trading (competitive pricing, as seen on TTF in Europe), oil-indexed pricing (linking gas prices to oil prices), regulated prices, and direct contracts where prices are determined by the balance of supply and demand, affecting global benchmarks, including gas prices and the cost of alternative fuels (gas, oil, coal). This overview was prepared by Alexei Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.

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