Last reviewed on October 3, 2026.
TTF — the Title Transfer Facility — is the Dutch virtual gas trading point whose futures price has become the benchmark for natural gas across continental Europe. When news reports say "European gas prices", they almost always mean the front-month TTF futures contract, quoted in euros per megawatt-hour (€/MWh).
What is the TTF?
The TTF is a virtual trading point on the Dutch high-pressure gas grid operated by Gasunie Transport Services. Unlike Henry Hub, which is a physical pipeline interconnect in Louisiana, gas "at TTF" is any gas that has entered the Dutch network: a trade at TTF simply transfers ownership of gas inside that system. It was set up in 2003 and over the following decade overtook the UK's National Balancing Point (NBP) as Europe's most liquid gas hub.
The benchmark price is the ICE Endex Dutch TTF Natural Gas Futures contract, usually the front month. TTF is also traded on EEX, and CME/NYMEX lists TTF futures as well, including versions priced in US dollars per MMBtu.
How TTF prices are quoted
TTF is quoted in €/MWh (euros per megawatt-hour of energy), while U.S. Henry Hub is quoted in $/MMBtu (dollars per million British thermal units). To compare them you need two conversions: energy units and currency.
- 1 MWh = 3.412 MMBtu, so a price per MWh divided by 3.412 gives the price per MMBtu.
- Multiply by the EUR/USD exchange rate to convert euros to dollars.
Formula: TTF in $/MMBtu = TTF in €/MWh × EUR/USD ÷ 3.412.
Worked example (illustrative numbers only): at €35/MWh and an exchange rate of 1.10 dollars per euro, TTF is 35 × 1.10 ÷ 3.412 ≈ $11.28/MMBtu. Use our natural gas unit converter to run the numbers with today's price and exchange rate.
What moves the TTF price
- Storage levels. European storage is tracked daily on Gas Infrastructure Europe's AGSI+ platform. The EU's gas storage regulation, adopted in 2022, set a 90% fill target ahead of winter; in 2025 the rules were extended and made more flexible. Fill levels compared with past years are one of the most-watched indicators for TTF.
- LNG supply. Since Russian pipeline flows collapsed in 2022, Europe relies far more on LNG — much of it from the United States — so TTF competes with Asian buyers (priced off JKM) for flexible cargoes.
- Norwegian pipeline gas. Norway is Europe's largest pipeline supplier; outages or maintenance on the Norwegian system can move prices quickly.
- Russian transit. Gas transit through Ukraine to the EU ended on January 1, 2025, when the transit agreement expired, removing one of the last Russian pipeline routes into the EU.
- Weather and renewables. Cold spells raise heating demand; low wind output raises gas burn in power stations.
- Carbon prices. The EU Emissions Trading System price affects the cost of coal versus gas in power generation.
TTF price history in brief
For most of the 2010s TTF traded at levels that, converted to dollars, were a few dollars per MMBtu above Henry Hub. It fell to single-digit euro prices during the 2020 pandemic slump, then rose through 2021 as storage ran low. After Russia's invasion of Ukraine and the cut in pipeline deliveries, front-month TTF peaked at around €340/MWh in late August 2022 — many times its pre-crisis level — before falling back as Europe cut demand, filled storage and imported record LNG volumes. Our Henry Hub–TTF spread explainer covers how the two benchmarks interact.
Where to track TTF prices
- ICE Endex publishes TTF futures settlement prices (delayed for non-subscribers).
- EEX publishes spot and futures prices for TTF and other European hubs.
- Charting platforms and brokers show TTF futures (for example the continuous front-month contract), usually with a delay unless you pay for exchange data.
- GIE AGSI+ for daily European storage fill levels, a key driver.
On NatGasChart.com, the European gas section of the homepage shows the TTFW proxy alongside U.S. benchmarks, and our guide to gas trading hubs explains how TTF compares with NBP, THE, PEG and JKM.
TTF vs Henry Hub: why European gas costs more
Henry Hub reflects a large, self-sufficient market with abundant shale production and pipelines. TTF reflects a region that imports most of its gas, increasingly as LNG. For U.S. LNG to flow to Europe, TTF generally has to exceed Henry Hub by enough to cover liquefaction, shipping and regasification. That is why TTF typically trades well above Henry Hub, and why the gap widens sharply when European supply is tight.