Global Gas Market Sell-Off Continues

19:18; 25 February 2026 year

### Natural Gas Pricing Dynamics: Global Benchmarks and Their Role Natural gas pricing, including that of Russian origin, is formed based on current global gas and oil prices. There are two main international gas pricing hubs: 1. **Henry Hub (United States)**: - Current price: Adjusted to $2.9 per million BTU (British Thermal Units) on Wednesday. 2. **TTF (Europe)**: - Current price: Increased to $373 per 1,000 cubic meters on Wednesday. #### Henry Hub – American Gas 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. The pricing unit is BTU, and to convert the price to an 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 US pay significantly more for gas. #### TTF – European Gas 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 Europe. Global gas pricing mechanisms are diverse, including: - **Exchange trading**: Competitive pricing, as seen on TTF in Europe. - **Oil-indexed pricing**: Linking gas prices to oil prices. - **Regulated prices**: Prices set by government regulations. - **Direct contracts**: Prices determined by supply and demand balance, influenced by global benchmarks such as gas, oil, and coal prices. 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, Ph.D., Professor at the Department of Operational and Sectoral Management, Faculty of "Higher School of Management", Financial University under the Government of the Russian Federation.

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