Natural gas buying at prices linked to dominant benchmarks like Henry Hub, the Japan Korea Marker (JKM) and the Dutch Title Transfer Facility (TTF) increased last year, again taking share from deals linked to oil-indexed contracts, according to the International Gas Union (IGU). 

Gas-on-gas (GOG) competition’s share of the global market last year reached 49.3%, up by 1% from 2019, IGU said in its annual Wholesale Gas Price Survey. Researchers said the slight increase continued a trend witnessed since 2005 when the survey began. GOG’s share of global gas consumption has increased from 31.3% in 2005. Over the same time, gas buying at prices linked to competing fuels such as crude oil declined from 24.4% to 18.6%.

“The direction of travel is clear. Gas is a global market,”...