Global Gas Market Overview: Current Market Situation Analysis

20:02; 11 September 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 $2.8 per million BTU (British Thermal Units) on Friday. 2. **TTF (Netherlands)** - Current price: Slight increase to $960 per 1,000 cubic meters. ### 1. Natural Gas in the USA The benchmark price for natural gas in the United States is set at the Henry Hub storage facility in Louisiana. ### 2. European Gas European gas trading primarily takes place on European gas hubs, with the Dutch TTF Natural Gas Exchange being the largest. This Dutch exchange leads the European gas market, with trading volumes exceeding the internal needs of the Netherlands by more than 14 times. Approximately 20 trillion cubic meters of gas are traded annually on this platform. Russian gas prices, particularly for export markets, have traditionally been heavily dependent on oil-indexed pricing, but are now more aligned with spot markets and competitive mechanisms, although a link to energy prices remains. Pricing mechanisms for gas worldwide are diverse, including: - **Exchange trading** (competitive pricing, as seen on TTF in Europe) - **Oil-indexed pricing** (linking gas prices to oil prices) - **Regulated prices** - **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). This overview was prepared 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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