Global Gas Market Overview

19:25; 24 February 2026 year

### Global Natural Gas Pricing Centers: Henry Hub and TTF Gas Hub There are two major global benchmarks for natural gas pricing: Henry Hub in the United States and the TTF Gas Hub in the Netherlands. 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**: Adjusted to $3 per million BTU (British Thermal Units) on Tuesday. 2. **European Market (TTF)**: - **Current Price**: Increased to $385 per 1,000 cubic meters. ### 1. U.S. Natural Gas (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 gas 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: - **Exchange trading** (competitive pricing, as seen on TTF in Europe), - **Oil-indexed pricing** (linking gas prices to oil prices), - **Regulated prices**, - **Direct contracts** where prices are determined by the balance of supply and demand, influencing global benchmarks such as 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 are now more aligned with spot markets and competitive mechanisms, although the link to energy prices remains. This overview was presented by Alexei Grishchenko, Doctor of Economics, Professor at 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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