European Gas Prices Soar Nine Times Higher Than US Counterpart

The price gap between Henry Hub natural gas in the US and Dutch TTF (Title Transfer Facility) in Europe has reached an unusually wide spread of roughly nine times, with European gas worth approximately $26.1/MMBtu compared to $2.86/MMBtu for US gas on September 18, 2026.

The main reason behind this difference is the physical cost and limited capacity of moving gas between regional markets. Henry Hub and TTF do not quote gas available at the same delivery point, with Henry Hub reflecting U.S. production, domestic demand, storage conditions, and gas flowing toward LNG export facilities, while TTF reflects European pipeline supplies, LNG arrivals, storage, weather, and regional demand.

The process of liquefying US natural gas to transport it across the Atlantic adds significant costs, including $2.85/MMBtu for liquefaction and $1.80/MMBtu for shipping and regasification, or a total of $4.65/MMBtu. This makes large-scale shipping practical but also contributes to the price difference.

Another factor is that Europe relies heavily on imported pipeline gas and LNG, while the US has abundant domestic production. Shipping constraints, storage conditions, and competition for LNG can keep TTF well above Henry Hub.