U.S. Natural Gas Prices Continue to Rise

20:39; 23 September 2026 year

### Global Natural Gas Pricing Dynamics: Henry Hub and TTF Gas Hubs Natural gas pricing, including gas of Russian origin, is shaped 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 $3 per million BTU (British Thermal Units) on Wednesday. 2. **TTF Gas Hub (Europe):** - Current price: Increased to $850 per 1,000 cubic meters on Wednesday. ### Understanding the Benchmarks 1. **Henry Hub:** This is a gas distribution hub located in Louisiana, USA. It serves as the primary benchmark for natural gas prices in the U.S., traded on the New York Mercantile Exchange (NYMEX). The unit of measurement is British Thermal Units (BTU). To convert the price to an equivalent of 1,000 cubic meters, a conversion factor of 35.8 is used. It is important to note that this price reflects the raw cost of the gas, excluding liquefaction, transportation, and regasification costs. Therefore, the end consumer in the U.S. pays significantly more. 2. **TTF (Title Transfer Facility):** This is the primary benchmark for gas prices in Europe. It is a virtual trading platform for gas. ### Global Gas Pricing Mechanisms Gas pricing mechanisms around the world are diverse and include: - **Exchange trading:** Competitive pricing, as seen on the TTF in Europe. - **Oil-indexation:** Linking gas prices to oil prices. - **Regulated prices:** Government-set prices. - **Direct contracts:** Prices determined by supply and demand, influenced by 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 influenced by oil-indexation 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 at the Department of Operational and Sectoral Management, Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.

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