Global Gas Prices Surge Amid Ongoing Military Conflict

19:29; 03 March 2026 year

### Global Natural Gas Pricing Hubs: Henry Hub and TTF Gas There are two major global benchmarks for natural gas pricing: 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**: Adjusted to $4 per million British Thermal Units (BTU) on Tuesday. #### 2. European Market (TTF): - **Current Price**: Increased to $640 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 Gas: European gas trading takes place primarily on European gas hubs, with the largest being the Dutch TTF Natural Gas hub. 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. It facilitates the sale of approximately 20 trillion cubic meters of gas annually. It is important to note that gas pricing mechanisms around the world are diverse. They include: - **Exchange Trading**: Competitive pricing, as seen on TTF in Europe. - **Oil Indexation**: Linking gas prices to oil prices. - **Regulated Prices**: Government-set prices. - **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 dependent on oil price indexing. However, they are now more aligned with spot markets and competitive mechanisms, although the correlation with energy prices remains. This overview was presented by Alexey 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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