U.S. Natural Gas Prices Continue to Correct Amid Global Market Volatility

20:10; 24 June 2026 year

### Natural Gas Pricing Dynamics: Henry Hub and TTF Benchmarks Natural gas pricing, including that of Russian origin, is influenced by current global gas and oil prices. There are two primary international gas pricing hubs: 1. **Henry Hub (USA)**: - **Current price**: Adjusted to $3.1 per million BTU (British Thermal Units) on Wednesday. 2. **TTF (Europe)**: - **Current price**: Increased to $490 per 1,000 cubic meters on Wednesday. ### Henry Hub: The American Benchmark Henry Hub 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 the price to 1,000 cubic meters, a conversion 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 consumer price in the U.S. is significantly higher. ### TTF: The European Benchmark TTF stands for Title Transfer Facility, a virtual gas trading platform in the Netherlands. It is the primary benchmark for gas prices in Europe. ### Global Gas Pricing Mechanisms Gas pricing mechanisms worldwide are diverse and include: - **Exchange trading**: Competitive pricing, as seen on TTF in Europe. - **Oil-indexation**: Linking gas prices to oil prices. - **Regulated prices**: Government-set prices. - **Direct contracts**: Prices determined by supply and demand, influenced by global benchmarks and alternative fuel costs (gas, oil, coal). Russian gas prices, particularly for export markets, have historically been tied to oil prices but are now more influenced by spot markets and competitive mechanisms, although the correlation with energy prices remains. This overview was presented by Alexey 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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