Gas Hub Prices See Mixed Trends Amid Global Energy Shift

18:51; 06 May 2026 year

### Global Natural Gas Pricing Dynamics: Henry Hub and TTF Benchmarks The pricing of natural gas, including that of Russian origin, is formed based on current global gas and oil prices. There are two main international benchmarks for natural gas pricing: Henry Hub in the U.S. and the Dutch TTF Gas hub. 1. **American Market (Henry Hub)**: - **Current Price**: Adjusted to $2.8 per million BTU (British Thermal Units) on Wednesday. 2. **European Market (TTF)**: - **Current Price**: Increased to $560 per 1,000 cubic meters on Wednesday. **Henry Hub** is the benchmark for U.S. natural gas prices. It is a physical gas distribution hub located in Louisiana. This benchmark plays a leading role in shaping natural gas prices in the U.S., which are traded on the New York Mercantile Exchange. The unit of measurement is British Thermal Units (BTU). To convert the price to 1,000 cubic meters, a conversion factor of 35.8 is used. It is important to note that this price reflects the raw cost of the gas, excluding liquefaction, transportation, and regasification costs. Consequently, U.S. consumers pay significantly more for natural gas. **TTF** (Title Transfer Facility) is the main benchmark for gas prices in Europe. It is a virtual trading platform for gas. Pricing mechanisms for natural gas worldwide are diverse: they include exchange trading (competitive pricing, as seen on TTF in Europe), oil-indexation (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-indexation, but are now more oriented towards spot markets and competitive mechanisms, although the link to energy prices remains. This overview was presented by Alexei Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management of the Faculty of Higher School of Management at the Financial University under the Government of the Russian Federation.

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