European Gas Prices Remain Elevated

20:50; 18 September 2026 year

### Russian Natural Gas Prices Depend on Global Energy Market Dynamics Russian natural gas prices are heavily influenced by global gas and oil prices. The key international benchmarks for gas prices are as follows: 1. **Henry Hub (USA)**: - Current price: dropped to $2.8 per million British Thermal Units (BTU) on Friday. 2. **TTF (Europe)**: - Current price: slight increase to $920 per 1,000 cubic meters. ### Natural Gas in the United States The benchmark price for natural gas in the U.S. is set at the Henry Hub storage facility in Louisiana. ### European Natural Gas European gas trading primarily takes place on major European gas hubs, with the Dutch TTF Natural Gas hub being the largest. The TTF hub is the leading player in the European gas market, with trading volumes exceeding the internal gas needs of the Netherlands by more than 14 times. Approximately 20 trillion cubic meters of gas are traded annually through this hub. Russian gas prices, particularly for export markets, have traditionally been heavily linked to oil prices, but now they are increasingly aligned with spot markets and competitive mechanisms, although the correlation with energy prices remains. Global gas pricing mechanisms are diverse, including: - **Exchange trading** (competitive pricing, such as on TTF in Europe) - **Oil-indexation** (price tied to oil prices) - **Regulated prices** and **direct contracts**, where prices are determined by the balance of supply and demand, affecting global benchmarks, including gas prices and the cost of alternative fuels (gas, oil, coal). This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.

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