Global Gas Market Overview: Key Developments and Trends

19:35; 26 March 2026 year

### Global Natural Gas Prices: Henry Hub and TTF Benchmarks The price of Russian natural gas is primarily determined by 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:** On Thursday, prices fell to $2.9 per million BTU (British Thermal Units). 2. **European Market (TTF):** - **Current Price:** Adjusted to $643 per 1,000 cubic meters. ### **Henry Hub (American Gas):** 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 pricing unit is British Thermal Units (BTU). 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 the raw cost of the gas, excluding liquefaction, transportation, and regasification costs. Consequently, consumers in the U.S. pay significantly more for the final product. ### **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 the European market. ### **Pricing Mechanisms:** Global gas pricing mechanisms are diverse, including: - **Exchange Trading:** Competitive pricing, as seen on TTF in Europe. - **Oil Indexation:** Prices linked to oil prices. - **Regulated Prices:** Government-controlled prices. - **Direct Contracts:** Prices determined by supply and demand balance, influencing global benchmarks like gas and alternative fuel prices (gas, oil, coal). Russian gas prices, particularly for export markets, have traditionally been heavily influenced by oil price indexing. However, they are now more aligned with spot markets and competitive mechanisms, although a connection to energy prices remains. This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the "Higher School of Management" Faculty at the Financial University under the Government of the Russian Federation.

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