Global Gas Market: Analysis of Current Situation

19:30; 10 February 2026 year

### Two Global Hubs Set Natural Gas Prices: Henry Hub in the US and TTF in Europe There are two major global benchmarks for natural gas pricing: Henry Hub in the United States and the Dutch TTF Gas hub in the European Union. The price of natural gas, including Russian gas, is largely determined by current global gas and oil prices. 1. **US Market (Henry Hub)**: - Current price: Tuesday correction to $3 per million BTU (British Thermal Units). 2. **European Market (TTF)**: - Current price: Correction to $409 per 1,000 cubic meters. ### Natural Gas in the US The benchmark price for natural gas in the US is set at Henry Hub, a storage facility located in Louisiana. ### European Gas European gas trading primarily takes place on 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 on this platform. It is important to note that gas pricing mechanisms around the world 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, influencing global benchmarks such as gas, oil, and coal prices. Russian gas prices, particularly for export markets, have traditionally been heavily dependent on oil-indexed contracts. However, they are now increasingly aligned with spot markets and competitive mechanisms, although the link to energy prices remains significant. This overview was prepared by Alexey Grishchenko, Ph.D., Professor of the Department 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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