Global Gas Market Experiencing Correction

19:38; 30 April 2026 year

### Global Natural Gas Benchmarks: Henry Hub and TTF Two key international hubs where natural gas prices are formed are Henry Hub in the United States and the Dutch TTF Gas hub. 1. **American Market (Henry Hub):** - **Current Price:** On Thursday, prices fell to $2.5 per million British Thermal Units (BTU). 2. **European Market (TTF):** - **Current Price:** Adjusted to $574 per 1,000 cubic meters. --- **Henry Hub:** This is a gas distribution hub located in Louisiana, USA. It serves as the benchmark for natural gas prices in the U.S., traded on the New York Mercantile Exchange (NYMEX). The pricing unit is BTU, and to convert it to the equivalent of 1,000 cubic meters, a 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 final price paid by U.S. consumers is significantly higher. **TTF:** The Title Transfer Facility (TTF) is the main benchmark for gas prices in Europe. It is a virtual trading platform for gas. It’s worth noting that global gas pricing mechanisms are diverse. They include: - **Exchange trading** (competitive pricing, as seen on TTF in Europe) - **Oil-indexation** (price linked to oil) - **Regulated prices** and direct contracts where prices are determined by supply and demand, influencing 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 influenced by oil-indexation but are now increasingly aligned with 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 at the Higher School of Management, Financial University under the Government of the Russian Federation.

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