Global Gas Market: Situation Overview

19:29; 11 February 2026 year

### Natural Gas Pricing Dynamics: Russian Gas in Global Markets The pricing of natural gas, including that of Russian origin, is formed based on current global gas and oil prices. There are two primary international benchmarks for natural gas pricing: 1. **Henry Hub (USA)**: - Current price: Adjusted to $3.1 per million BTU (British Thermal Units) on Wednesday. 2. **TTF (Europe)**: - Current price: Increased to $395 per 1,000 cubic meters on Wednesday. ### Henry Hub – American Gas Benchmark Henry Hub is a physical gas distribution hub located in Louisiana, USA. It serves as the benchmark for natural gas prices in the United States, traded on the New York Mercantile Exchange (NYMEX). The pricing unit is BTU, and to convert it to 1,000 cubic meters, a factor of 35.8 is used. It’s important to note that this price reflects only the raw material cost, excluding liquefaction, transportation, and regasification costs. Consequently, end consumers in the U.S. pay significantly higher prices. ### TTF – European Gas Benchmark TTF stands for Title Transfer Facility, which is a virtual trading platform for gas in Europe. It is the primary benchmark for gas prices in the European market. ### Global Gas Pricing Mechanisms Gas pricing mechanisms around the world are diverse and include: - **Exchange trading (competitive pricing)**: As seen on TTF in Europe. - **Oil-indexed pricing**: Linking gas prices to oil prices. - **Regulated prices**: Prices set by governments. - **Direct contracts**: Prices determined by supply and demand balance, influenced by global benchmarks, including 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-indexed pricing, but now they are more aligned with spot markets and competitive mechanisms, although the link to energy prices remains. This analysis was prepared by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management, Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.

Investment

Events

Niches and markets

Technologies and trends

Development infrastructure