European Gas Tracker
Dutch TTF is the European gas benchmark; Henry Hub is the US benchmark. The transatlantic spread is the most consequential single number for European industrial competitiveness and for US LNG export economics. We track both, normalised to USD/MMBtu so the comparison is direct.
European Gas — TTF vs Henry Hub
Updated 15 May, 07:48 UTCDutch TTF (front-month)
€47.65/MWh
▲ 1.57% · 7d high €47.65
Henry Hub (front-month)
$2.935/MMBtu
▲ 1.42% · 7d high $2.93
Europe pays vs US
5.54×
spread $13.33/MMBtu · TTF in USD: $16.26
Europe is currently paying 5.54× the U.S. price for the same unit of natural gas energy. A wide spread on this scale is a direct competitiveness drag for European chemical, fertiliser and steel producers, and a structural pull for U.S. LNG export volumes.
Last 22 sessions — both benchmarks normalised to USD/MMBtu
Sources: Yahoo Finance — TTF=F (Dutch TTF) and NG=F (Henry Hub) front-month futures. TTF converted to USD/MMBtu using EUR/USD ≈ 1.1643 and 1 MWh = 3.412 MMBtu. US LNG export-cargo counts are planned for v2.
Why the TTF–Henry Hub spread matters
European industrial competitiveness. Energy-intensive sectors — chemicals, fertiliser, steel, ceramics, glass — spend a material share of variable cost on natural gas. When TTF runs at 4–6× Henry Hub, European production is structurally uncompetitive against North American equivalents. Sustained spreads of this scale drive permanent capacity loss, not just temporary margin compression.
US LNG export economics. The TTF–HH spread minus shipping and liquefaction (~$3/MMBtu landed cost) determines the netback to US Gulf Coast LNG exporters. Wider spreads pull more cargoes to Europe; narrower spreads see them re-routed to Asia or held back.
Pre-Ukraine baseline. The historic TTF/HH ratio sat around 1.5× through the 2010s. Russia's 2022 invasion took it briefly above 10×. Since REPowerEU, the structural ratio appears to have settled in the 2–4× band — meaningfully above the pre-war norm and a permanent feature of the post-Russia European gas market.
What we don't yet show. US LNG export-cargo counts are a planned v2 addition that will piggyback on the existing tanker AIS infrastructure. Storage levels (AGSI/GIE) are now live above.