Gas Prices Surge Amid Market Volatility

19:02; 22 April 2026 year

### Natural Gas Pricing Dynamics: A Global Perspective The pricing of natural gas, including gas of Russian origin, is shaped by current global gas and oil prices. There are two main international benchmarks for natural gas pricing: 1. **Henry Hub (USA)**: - Current price: Wednesday correction to $2.7 per million BTU (British Thermal Units). 2. **TTF (Europe)**: - Current price: Wednesday increase to $520 per 1,000 cubic meters. #### **Henry Hub**: Henry Hub is the primary benchmark for natural gas prices in the United States. It is located in Louisiana and serves as a key distribution hub. Prices are quoted in BTU and converted to cubic meters using a factor of 35.8. The Henry Hub price reflects the raw cost of gas, excluding liquefaction, transportation, and regasification costs. As a result, end consumers in the U.S. pay significantly more than the benchmark price. #### **TTF**: TTF, or Title Transfer Facility, is the leading benchmark for gas prices in Europe. It functions as a virtual trading platform for gas. Global gas pricing mechanisms are diverse, encompassing: - **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 supply and demand dynamics influencing global benchmarks, including gas, oil, and coal prices. Russian gas prices, particularly for export markets, have historically been heavily influenced by oil-indexed pricing but are now increasingly aligned with spot markets and competitive mechanisms, although their correlation with energy prices remains significant. This overview was prepared 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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