European Gas Market Sees Correction Amid Global Supply Dynamics

18:31; 05 November 2026 year

### Global Natural Gas Hubs: Henry Hub and TTF Set Benchmark Prices Two key international centers determine natural gas prices: Henry Hub in the United States and the Dutch TTF Gas hub. 1. **American Market (Henry Hub):** - **Current Price:** Dropped to $2.9 per million BTU (British Thermal Units) on Thursday. 2. **European Market (TTF):** - **Current Price:** Adjusted to $984 per 1,000 cubic meters. **Henry Hub:** This is the benchmark for natural gas prices in the U.S., located at the Henry Hub gas distribution node in Louisiana. The benchmark plays a central role in setting gas prices traded on the New York Mercantile Exchange. Prices are measured in BTUs, and to convert to the equivalent of 1,000 cubic meters, a factor of 35.8 is used. It’s important to note that this price reflects only the raw cost of the gas, excluding liquefaction, transportation, and regasification costs. Therefore, U.S. consumers pay significantly more. **TTF:** This is the primary benchmark for gas prices in Europe. TTF stands for Title Transfer Facility, a virtual trading platform for gas. It’s worth noting that gas pricing mechanisms worldwide are diverse, including: - **Exchange Trading:** Competitive pricing, as seen on TTF in Europe. - **Oil Indexation:** Linking gas prices to oil prices. - **Regulated Prices:** Direct contracts where prices are determined by supply and demand, influencing global benchmarks such as 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 price indexing but are now more aligned with spot markets and competitive mechanisms, though the link to energy prices remains. This overview was presented by Alexei Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Higher School of Management, Financial University under the Government of the Russian Federation.

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