European Gas Prices Continue to Rise on Global Market Developments

19:15; 17 July 2026 year

### Russian Natural Gas Prices Depend on Global Gas and Oil Prices Russian natural gas prices are influenced by global gas and oil prices. The main international benchmarks for gas prices are as follows: 1. **Henry Hub (USA)** - Current price: Dropped to $2.9 per million BTU (British Thermal Units) on Friday. 2. **TTF (Netherlands)** - Current price: Slight increase to $655 per 1,000 cubic meters. ### 1. Natural Gas in the United States (NG) The benchmark price for natural gas in the U.S. is set at the Henry Hub storage facility in Louisiana. ### 2. European Gas European gas trading takes place primarily on European gas hubs, with the largest being the Dutch TTF Natural Gas hub. This Dutch exchange leads the European gas market due to its trading volume, which exceeds the internal needs of the Netherlands by more than 14 times. It handles approximately 20 trillion cubic meters of gas annually. Russian gas prices, particularly for export markets, have traditionally been heavily linked to oil prices, but are now more aligned with spot markets and competitive mechanisms, although the connection to energy prices remains. Pricing mechanisms for gas globally 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, influencing global benchmarks, including gas prices and the cost of alternative fuels (gas, oil, coal). This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management of the Higher School of Management at the Financial University under the Government of the Russian Federation.

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