Global Gas Prices Surge Amid Supply Disruptions and Rising Demand

19:54; 15 April 2026 year

### Global Natural Gas Pricing Dynamics: US and European Benchmarks Natural gas pricing, including that of Russian origin, is determined by current global gas and oil prices. There are two main international benchmarks for natural gas pricing: 1. **Henry Hub (United States)** - Current price: Adjusted to $2.6 per million BTU (British Thermal Units) on Wednesday. 2. **TTF (Europe)** - Current price: Increased to $518 per 1,000 cubic meters on Wednesday. #### **Henry Hub: The US Gas Benchmark** Henry Hub is a physical gas distribution hub located in Louisiana. It serves as the primary benchmark for natural gas prices in the US, traded on the New York Mercantile Exchange (NYMEX). 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 is important to note that this price reflects only the raw cost of the gas, excluding liquefaction, transportation, and regasification costs. Consequently, end consumers in the US pay significantly more for the gas. #### **TTF: The European Gas Benchmark** TTF stands for Title Transfer Facility, a virtual trading platform for gas in Europe. It is the main benchmark for gas prices in Europe. 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** and **direct contracts**, where prices are determined by the balance of supply and demand, influenced by global benchmarks such as gas, oil, and coal prices. Russian gas prices, particularly for export markets, have traditionally been heavily influenced by oil-indexed pricing but are now increasingly oriented towards spot markets and competitive mechanisms, although a link to energy prices remains. This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management, Faculty of "Higher School of Management", Financial University under the Government of the Russian Federation.

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