Global Gas Market Roiled by Price Volatility and Supply Disruptions

18:39; 06 March 2026 year

### Russian Natural Gas Prices Depend on Global Gas and Oil Prices Russian natural gas prices are influenced by global gas and oil prices. The main international benchmarks for gas prices are as follows (Henry Hub in the US, TTF hub in the Netherlands): 1. **Henry Hub (US Market)** - Current price: increased to $2.9 per million BTU (British Thermal Units) on Friday. 2. **TTF (European Market)** - Current price: increased to $586 per 1,000 cubic meters. ### 1. Natural Gas in the US (NG) The benchmark price for natural gas in the US is determined at the Henry Hub storage facility in Louisiana. ### 2. European Gas European gas trading primarily takes place on European gas hubs, with the Dutch TTF Natural Gas hub being the largest. 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. Russian gas prices, particularly for export markets, have traditionally been heavily influenced by oil-indexed contracts. However, they are now more aligned with spot markets and competitive mechanisms, although a link to energy prices remains. Global gas pricing mechanisms are diverse and include: - **Exchange trading** (competitive pricing, such as 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, affecting global benchmarks, including gas prices and the cost of alternative fuels (gas, oil, coal). This overview was prepared by Alexey Grishchenko, Ph.D., Professor of 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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