Global Gas Market Overview: Situation Analysis

19:22; 13 April 2026 year

### Global Gas Pricing Mechanisms, Including Russian Gas, Track World Prices Global gas markets have their own key price benchmarks. There are several reference points, two of which are the most important: 1. **American Market (Henry Hub)**: - **Current Price**: Down to $2.7 per million BTU (British Thermal Units) on Monday. 2. **European Market (TTF)**: - **Current Price**: Adjusted to $570 per 1,000 cubic meters. **Henry Hub** is the benchmark for U.S. natural gas prices. It is a physical gas distribution hub located in Louisiana, where the price is quoted in BTUs. To convert the price to a 1,000 cubic meter equivalent, a conversion factor of 35.8 is used. It’s important to note that this price reflects only the raw cost of the gas, excluding liquefaction, transportation, and regasification costs. Therefore, the end consumer in the U.S. pays significantly more. **TTF (Title Transfer Facility)** is the primary benchmark for gas prices in Europe. It is a virtual trading platform for gas. Global gas pricing mechanisms are diverse, including: - **Exchange trading** (competitive pricing, as seen 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, influenced by 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-indexed pricing, but are now increasingly aligned with spot markets and competitive mechanisms, although the link to energy prices remains. This overview was presented by Alexey Grishchenko, Ph.D., Professor 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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