Global Gas Market: Situation Overview

20:33; 20 October 2026 year

### Two Global Hubs for Natural Gas Pricing: Henry Hub in the US and TTF in Europe There are two major global benchmarks for natural gas pricing: Henry Hub in the United States and the Dutch TTF Gas hub in Europe. The price of natural gas, including Russian natural gas, is determined based on current global gas and oil prices. 1. **US Market (Henry Hub)**: - **Current Price**: On Tuesday, prices rose to $3 per million British Thermal Units (BTU). 2. **European Market (TTF)**: - **Current Price**: Prices have adjusted to $1,033 per 1,000 cubic meters. ### 1. Natural Gas in the US (NG) The benchmark price for natural gas in the US is set at the Henry Hub storage facility in Louisiana. ### 2. European Gas European gas trading primarily takes place at European gas hubs, with the largest being the Dutch TTF Natural Gas hub. This Dutch exchange leads the European gas market due to its trading volume, which exceeds the internal gas needs of the Netherlands by more than 14 times. Approximately 20 trillion cubic meters of gas are traded annually on this platform. It is important to note that gas pricing mechanisms around the world are diverse. They include: - **Exchange-based trading** (competitive pricing, such as on TTF in Europe) - **Oil-indexed pricing** (linking gas prices to oil prices) - **Regulated prices** and **direct contracts**, where prices are determined by the balance of supply and demand, which influences 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. However, they 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" at the Financial University under the Government of the Russian Federation.

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