Global Gas Market Overview

14:15; 17 February 2026 year

### Global Natural Gas Pricing Hubs: Henry Hub and TTF Two major global hubs for natural gas pricing are Henry Hub in the United States and the Dutch TTF Gas hub in the European Union. The price of natural gas, including Russian natural gas, is determined based on current global gas and oil prices. #### 1. U.S. Market (Henry Hub): - Current price: Tuesday correction to $3 per million BTU (British Thermal Units). #### 2. European Market (TTF): - Current price: Correction to $377 per 1,000 cubic meters. #### 1. Natural Gas in the U.S. (NG) The benchmark price for natural gas in the U.S. is set at the Henry Hub storage facility in Louisiana. #### 2. European Natural Gas European gas trading primarily 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 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, including competitive market pricing (such as on the 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, which influences 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 influenced by oil-indexed pricing, 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, Doctor of Economics, Professor at the Department of Operational and Sectoral Management at the Higher School of Management of the Financial University under the Government of the Russian Federation.

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