U.S. Natural Gas Prices Continue to Adjust Amid Global Market Dynamics

20:01; 16 September 2026 year

### Global Natural Gas Pricing Dynamics: Impact on Russian Gas Exports Natural gas pricing, including for Russian gas, is determined by current global gas and oil prices. There are two main international benchmarks for natural gas pricing: 1. **Henry Hub (United States)**: - Current price: Adjusted to $2.9 per million BTU (British Thermal Units) on Wednesday. 2. **TTF (Europe)**: - Current price: Increased to $950 per 1,000 cubic meters on Wednesday. #### **Henry Hub**: Henry Hub is the benchmark for natural gas prices in the United States. It is located in Louisiana and is the primary pricing point for gas traded on the New York Mercantile Exchange. The unit of measurement is 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 only the raw material cost and does not include liquefaction, transportation, or regasification costs. Therefore, the final price paid by consumers in the U.S. is significantly higher. #### **TTF**: TTF stands for Title Transfer Facility, which is the main benchmark for gas prices in Europe. It is a virtual trading platform where gas is traded. Global gas pricing mechanisms are diverse and include: - **Exchange trading** (competitive pricing, as seen on TTF in Europe) - **Oil-indexed pricing** (linking gas prices to oil prices) - **Regulated prices** and **direct contracts**, where prices are determined by supply and demand, influencing 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-indexed pricing but are now increasingly influenced by spot markets and competitive mechanisms, although the link to energy prices remains significant. This overview was presented by Alexey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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