Global Gas Market Faces Supply Shortages Amid Rising Demand

18:09; 26 February 2026 year

### Russian Natural Gas Prices Follow Global Trends The price of Russian natural gas is determined based on current global gas and oil prices. There are two key international hubs where gas prices are formed: Henry Hub in the US and the Dutch TTF Gas hub. 1. **American Market (Henry Hub):** - Current price: fell to $3 per million BTU (British Thermal Units) on Thursday. 2. **European Market (TTF):** - Current price: corrected to $375 per 1,000 cubic meters. **Henry Hub** is the benchmark for natural gas prices in the US. It is a physical hub located in Louisiana where gas is distributed and traded on the New York Mercantile Exchange. The unit of measurement is BTU. To convert the price 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. Therefore, consumers in the US pay significantly more for gas. **TTF** stands for Title Transfer Facility, which is the main benchmark for gas prices in Europe. It is a virtual trading platform for gas. Global gas pricing mechanisms are diverse and include competitive market trading (like TTF in Europe), oil-indexed pricing (linking gas prices to oil prices), regulated prices, and direct contracts where prices are determined by 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 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 Aleksey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Higher School of Management, Financial University under the Government of the Russian Federation.

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