Natural gas buying at prices linked to dominant benchmarks like Henry Hub, the Japan-Korea Marker and the Title Transfer Facility last year again outpaced purchases linked to oil prices in a trend being driven largely by LNG trade growth, according to the International Gas Union (IGU).

Between 2005 and 2023, the share of global gas-on-gas (GOG) competition to consumption rose to 50% from 31.5%. The share of crude-indexed transactions fell from 24% to 18% of gas consumption, according to IGU’s 16th annual Wholesale Gas Price Survey. 

Since 2016, buying linked to gas hubs has increasingly gained market share as spot liquefied natural gas trades have increased, IGU said. 

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