Global Gas Market Overview: Current Situation and Trends

20:20; 28 April 2026 year

### Global Natural Gas Pricing Hubs: Henry Hub and TTF Gas There are two major global pricing centers for natural gas: Henry Hub in the United States and TTF Gas in the European Union. The price of natural gas, including Russian natural gas, is determined based on current global gas and oil prices. 1. **U.S. Market (Henry Hub)**: - **Current Price**: Adjusted to $2.5 per million BTU (British Thermal Units) on Tuesday. 2. **European Market (TTF)**: - **Current Price**: Increased to $542 per 1,000 cubic meters. ### Natural Gas in the U.S. The benchmark price for natural gas in the U.S. is set at Henry Hub, located in Louisiana. This hub serves as the reference point for natural gas prices across the country. ### European Natural Gas European natural gas trading primarily takes place at European gas hubs, with the largest being the Dutch TTF Natural Gas Exchange. The TTF is the leading European gas market due to its trading volume, which exceeds the internal gas needs of the Netherlands by more than 14 times. Approximately 20 trillion cubic meters of gas are traded annually on this exchange. It is important to note that gas pricing mechanisms worldwide are diverse. They include: - **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 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 more influenced by 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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