Global Gas Market Overview: Situation Update

18:32; 19 February 2026 year

### Russian Natural Gas Prices Reflect Global Trends The price of Russian natural gas is primarily influenced by current global gas and oil prices. Two key international markets determine gas prices: Henry Hub in the U.S. and the Dutch TTF Gas hub. 1. **American Market (Henry Hub):** - **Current Price:** Dropped to $3 per million BTU (British Thermal Units) on Thursday. 2. **European Market (TTF):** - **Current Price:** Adjusted to $396 per 1,000 cubic meters. **Henry Hub:** This is a gas distribution hub located in Louisiana, U.S. It serves as a benchmark for gas prices in the U.S., traded on the New York Mercantile Exchange. The price is measured in BTUs. To convert the price to the 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 material cost, excluding liquefaction, transportation, and regasification costs. Therefore, end consumers in the U.S. pay significantly more. **TTF:** The Title Transfer Facility is the primary benchmark for gas prices in Europe. It is a virtual trading platform for gas. **Pricing Mechanisms:** Global gas pricing mechanisms are diverse and include competitive market trading (like 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 affecting 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 linked to oil prices but are now more influenced by spot markets and competitive mechanisms, although the connection to energy prices remains. This overview was presented by Alexey Grishchenko, Ph.D., Professor 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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