(-6.4%)The Association of Gas Producers of Ukraine presents the current information on the Ukrainian and European gas markets.
The average spot price stood at 34.838 EUR/MWh ($433, or UAH 18 592 per thcm).
The average futures price at the TTF hub (Month-Ahead), excluding the last trading day, was – 34.185 EUR/MWh ($425, or UAH 18 243 per thcm).
Over the month, spot market prices rose by 26.1%, while futures increased by 23.9%. The price differential between these derivatives amounted to 1.9%, and volatility reached 46%.
In January, 66.2 mcm of gas was traded on the exchange at a weighted average price of UAH 19 875 per thcm (VAT excl.). The largest share of traded volumes was domestic gas (56.9 mcm, or 86%), while imports accounted for 9.3 mcm (or 14%).
GTSOU was the sole importer (14%), while domestic volumes were bought/sold by Ukrnaftoburinnia (33%), Ukrnafta (22%), Enerhozbuttrans (2%) and Tepla energy company (2%).
Overall, 18 mcm (27%) consisted of Ukrnafta differentials – gas priced on the delivery date, linked to the TTF hub and adjusted by a premium determined via the auction results.
The EU went through January amid more intensive storage withdrawals. Colder weather depleted inventories faster, while market attention remained focused on UGS levels. By month-end, storages stood at 41%, the lowest for this period since 2022 and well below the 10-year average (58%).
Against this backdrop, prices increased, reflecting heightened market sensitivity to weather conditions and the pace of withdrawals. However, LNG – primarily from the United States – helped keep the balance manageable and smoothed potential price spikes.