Global Gas Market Overview: Situation Analysis

18:34; 18 August 2026 year

### Global Natural Gas Pricing Hubs: Henry Hub in the US and TTF in Europe There are two major global benchmarks for natural gas pricing: Henry Hub in the United States and the Dutch TTF (Title Transfer Facility) in the European Union. The price of natural gas, including Russian natural gas, is determined based on current global gas and oil prices. 1. **US Market (Henry Hub)**: - **Current Price**: Tuesday saw an increase to $2.7 per million BTU (British Thermal Units). 2. **European Market (TTF)**: - **Current Price**: Adjusted to $740 per 1,000 cubic meters. ### Natural Gas in the US The benchmark price for natural gas in the US is set at Henry Hub, located in Louisiana. This hub serves as the pricing reference point for US natural gas. ### European Natural Gas European gas trading primarily takes place at European gas hubs, with the largest being the Dutch TTF Natural Gas. The TTF is the leading hub in Europe due to its trading volume, which exceeds the internal demand 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 Indexation**: Linking gas prices to oil prices. - **Regulated Prices**: Prices set by government regulations. - **Direct Contracts**: Prices determined by the balance of supply and demand, influenced by global benchmarks such as gas, oil, and coal prices. Russian gas prices, particularly for export markets, have traditionally been heavily dependent on oil-linked pricing. However, they are now more aligned with 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 Higher School of Management, Financial University under the Government of the Russian Federation.

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