IGU Publishes the 20th Anniversary Edition of the Wholesale Gas Price Survey

International Gas Union Marks 20 Years of Global Gas Market Transformation in Landmark 2026 Wholesale Gas Price Survey

The International Gas Union (IGU) has released the 2026 edition of its flagship Wholesale Gas Price Survey, providing one of the most comprehensive analyses of global natural gas pricing ever assembled and highlighting the growing resilience, flexibility and strategic importance of global natural gas markets amid renewed geopolitical instability.

Celebrating the 20th anniversary of the Survey series, first launched in 2006, this year’s edition covers 93% of total global natural gas consumption and charts two decades of structural transformation across international natural gas markets. 

The Survey concludes that global natural gas markets are entering a new era defined by increased market-based pricing, expanding LNG flexibility and intensified geopolitical risk, as the world experiences its second major natural gas price shock in just four years. Average global wholesale natural gas prices reached US$5.31 per MMBtu in 2025, above the previous year, but significantly below the 2022 peak of US$9.45 per MMBtu. 

According to the Survey, the rapid evolution of global LNG markets — driven largely by expanding US LNG exports and the rise of flexible, spot-based trading — has fundamentally reshaped the way natural gas is bought and sold worldwide. Gas-on-gas competition (GOG) pricing now accounts for 52% of the global LNG trade, compared with just 14% in 2005. 

The 2026 Survey identifies three defining trends that have transformed the global natural gas market over the past two decades:

•  a global shift away from regulated pricing toward market-based mechanisms; 

• the transition from oil price-linked (OPE) contracts to gas-on-gas competition; 

• increasing convergence of global natural gas prices, interrupted only by the extreme volatility triggered by recent geopolitical crises. 

The 2026 edition of the Wholesale Gas Price Survey highlights how increased market flexibility helped the global natural gas industry withstand the disruption caused by the loss of Russian pipeline gas to Europe in 2022 and, more recently, the closure of the Strait of Hormuz in 2026. The Survey argues that expanded LNG infrastructure, stronger interconnectivity and greater spot market liquidity have significantly improved global energy security and reduced the severity of supply disruptions. 

Despite the ongoing volatility, the global Gas industry is entering the current crisis from a stronger position than during the 2021–2022 energy shock. Substantial investment in LNG infrastructure, supply diversification and flexible trading arrangements for helping to contain the latest surge in natural gas prices have been the main factors that led to this stronger position. 

Asia — particularly China and India — are central to the future of global Gas demand. China’s strategy of balancing energy security, domestic production growth and diversified imports represents a case study in pragmatism, while India’s long-term Gas growth is expected to depend heavily on infrastructure investment, regulatory reform and improved market access. 

Mr Menelaos (Mel) Ydreos, the Secretary General of IGU, said:

“IGU’s Wholesale Gas Price Survey is regarded as one of the energy industry’s most authoritative references on global natural gas pricing mechanisms and market evolution, providing governments, policymakers, investors and industry leaders with a detailed assessment of wholesale natural gas pricing trends across international markets. With global Gas consumption growing by 50% since 2005, and the global LNG trade tripling over the same period, the continuing importance of open, well-functioning natural gas markets in supporting energy security and meeting rising global energy demand is indisputable.” 

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For more information on the 18th edition of the Wholesale Gas Price, please contact Mr Mark McCrory, IGU Policy and Analysis Director, at mark.mccrory@igu.org