Natural gas prices in Ukraine reached 23,000 hryvnias per thousand cubic meters and exceeded European prices. This is the highest rate since February 2023, informs ExPro.
Gas trading this week took place in the range of UAH 22,800–23,200 per thousand cubic meters, depending on the resource. In conversion, this amounts to UAH 19,000–19,333, or $458–466 per thousand cubic meters (EUR 38.15–38.83 per MWh). The increase in prices in the domestic market is explained by market factors — first of all, the superiority of demand over supply. In May, demand significantly exceeds supply, which causes the price to rise.
In addition, since the beginning of April, the government obliged Ukrnafta to supply gas from its own production to Naftogaz under the terms of the PSO. Also, the company “Ukrnaftoburinnia”, under the control of “Ukrnafta”, stopped selling the resource on the free market, which reduced the amount of available gas.
At the same time, the decrease in supply is accompanied by an increase in demand: end consumers are actively buying gas to create reserves, and state companies — in particular, Naftogaz Trading and Operator GTS of Ukraine — are also increasing purchases.
Gas prices in Ukraine are currently higher than in Europe, and the difference in some places reaches 2 euros per MWh — the highest figure since February 2024. Despite this, the existing price spread does not yet allow the full restoration of commercial gas imports due to an insufficient margin. If the gap between prices in Ukraine and Europe grows, it is possible to resume gas imports by private traders.
