Global Gas Market: Overview of Current Market Conditions

18:53; 17 September 2026 year

### Key International Gas Price Hubs: Henry Hub and TTF There are two major international hubs where natural gas prices are set: Henry Hub in the U.S. and the Dutch TTF Gas hub. 1. **American Market (Henry Hub)**: - **Current Price**: On Thursday, prices fell to $2.9 per million BTU (British Thermal Units). 2. **European Market (TTF)**: - **Current Price**: Adjusted to $920 per 1,000 cubic meters. **Henry Hub** is an American benchmark representing the Henry Hub gas distribution node in Louisiana. It plays a key role in setting natural gas prices in the U.S., traded on the New York Mercantile Exchange. The pricing unit is British Thermal Units (BTU). To convert the price to 1,000 cubic meters, a factor of 35.8 is used. It is important to note that this price reflects only the raw material cost, excluding liquefaction, transportation, and regasification costs. Therefore, the final consumer price in the U.S. is significantly higher. **TTF** (Title Transfer Facility) is the main benchmark for gas prices in Europe. It represents a virtual trading platform for gas. It is worth noting that gas pricing mechanisms worldwide are diverse, including competitive market trading (like 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, affecting global benchmarks, including gas prices and the cost of alternative fuels (gas, oil, coal). Russian gas prices, especially for export markets, have traditionally been heavily dependent on oil-indexed pricing but 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 Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.

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