Gas Prices Surge Amid Global Energy Crisis

19:58; 12 March 2026 year

### Russian Natural Gas Prices Track Global Benchmarks 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 United States and the Dutch TTF Gas hub. 1. **American Market (Henry Hub):** - **Current Price:** Dropped to $3.2 per million BTU (British Thermal Units) on Thursday. 2. **European Market (TTF):** - **Current Price:** Adjusted to $613 per 1,000 cubic meters. #### Henry Hub - American Gas Benchmark Henry Hub is a gas distribution hub located in Louisiana, USA. It serves as the benchmark for natural gas prices in the U.S., traded on the New York Mercantile Exchange. The price is measured in BTUs, and to convert it to the equivalent of 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, the final consumer price in the U.S. is significantly higher. #### TTF - European Gas Benchmark TTF stands for Title Transfer Facility, which is the primary gas price benchmark in Europe. It is a virtual trading platform for gas. It’s worth noting that gas pricing mechanisms worldwide are diverse. They include: - **Exchange trading (competitive pricing, as seen on TTF in Europe)** - **Oil-indexation (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, oil, and coal prices. Historically, Russian gas prices, especially for export markets, were heavily dependent on oil-indexation. However, they 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 at the Higher School of Management, Financial University under the Government of the Russian Federation.

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