Global Gas Prices Surge Amid Supply Shortages and Increased Demand

18:21; 30 March 2026 year

### Global Gas Pricing Mechanisms, Including Russian Gas, Depend on World Prices Global gas markets have their key price benchmarks. There are several reference points, two of which are primary: 1. **American Market (Henry Hub)**: - **Current Price**: Dropped to $2.9 per million BTU (British Thermal Units) on Monday. 2. **European Market (TTF)**: - **Current Price**: Adjusted to $660 per 1,000 cubic meters. **Henry Hub** is the American gas benchmark. It refers to the Henry Hub gas distribution hub in Louisiana. This benchmark plays a leading role in shaping natural gas prices in the U.S., traded on the New York Mercantile Exchange. The unit of measurement 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 is important to note that this price reflects the raw cost of the gas without accounting for liquefaction, transportation, and regasification costs. Consequently, consumers in the U.S. pay significantly more for the gas. **TTF** stands for Title Transfer Facility, which is the main benchmark for gas prices in Europe. It represents a virtual trading platform for gas. It is worth noting that gas pricing mechanisms worldwide are diverse: they include exchange trading (competitive pricing, as on TTF in Europe), oil-indexation (linking gas prices to oil prices), regulated prices, and direct contracts where prices are determined by the balance of supply and demand, which influences global benchmarks, including gas prices and the cost of alternative fuels (gas, oil, coal). Russian gas prices, particularly for export markets, have traditionally been heavily dependent on oil-indexation, but now they are more oriented towards 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 of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.

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