During last week natural gas prices in Ukraine were fluctuated. Following European gas hubs tendencies. About 4 mln. c.m. of resoure were sold at UEEX on medium and long-term market section, GTS Operator purchased about 55 mln. c. m. in the "Transborder" section.
Significant price decrease observed at European market due to warm weather and high LNG supplies, while storages filling decreased to 82,23%. Ukrainian gas import amounted in general 23,55 mln .c. m. per day, and UGS filling remained stable at 13,2 billion cubic meters.
Ukrainian Energy Exchange
Last week November, December 25, January 26 resource trading continued. In general 7 Companies formed natural gas purchase and sale positions: Ukrnafta, Ukrnaftoburinnya Private Joint Stock Company, GTS Operator of Ukraine, De Trading, etc. ArcelorMittal Kryvyi Rih made natural gas purchase ans sale proposition for the first time.
Starting prices of resources in the section medium and long-term market had diverse dynamics during the week. During the past week, positions for sale were sold. In total, 4000 thousand cubic meters of natural gas were sold. The sellers were Ukrnafta and VK Ukrnaftoburinnya. Participants of the auctions in the section formed the following quoted prices:
GTS Operator of Ukraine also conducted purchases in the "Transborder" section. Last week, about 55 million cubic meters of natural gas were purchased with transmission at a point on the border at prices in the range of 39,14-39,72 EUR/MWh.
Participants formed applications on the UEEX short term natural gas market in GTS and UGS. In general, 44 agreements were concluded with the total volume of 2328 th. c.m. Weigthed average price of short-term product growth was fixed during the week.
European market
This week, prices were significantly decreased due to relatively low demand in Asia and significant supply volumes of LNG to Europe, which are were approximetenly 419 mln. c. m. per day, that is approximately 38% higher than the same period of the last year.
Temperatures remained above seasonal norms even in November, reducing demand for gas for heating as the coldest period of the year approaches. EU gas storage occupancy fell from a peak of 83.15% in early October to 82,23% on 14 November. Despite the warmer weather, overall EU gas storage occupancy has started to decline steadily as stocks are withdrawn from facilities in France, Germany, the Netherlands and Italy. Stock withdrawals are likely to increase in mid-November, with temperatures expected to drop by around 10°C. As colder conditions approach, further reliance on storage can be expected to overcome supply shortfalls caused by rising domestic demand across the continent.
Prices of contracts with delivery on time, EUR/MWh, 13.11.2025
| Instrument | THE | CEGH | TTF | TGE/POLPX | Average value |
|---|---|---|---|---|---|
| Day1 | 31,62 | 33,33 | 29,93 | 36,30 | 32,80 |
| M+1 | 31,85 | 33,42 | 30,46 | 36,67 | 33,10 |
| Q +1 | 31,97 | 33,35 | 30,61 | 36,36 | 33,07 |
| S +1 | 30,51 | 32,36 | 29,24 | 34,31 | 31,61 |
Month-ahead contracts, at all analyzed hubs, had the same trend in relation to spot prices – an increase in price by an average of 0,94%. Quarter-ahead prices were higher than spot prices by an average of 0,90%. Season-ahead prices with an average value of 31,61 EUR/MWh had a trend of decreasing compared to spot prices by an average of 3,55%.
Significant gas flows also supported the downward trend in gas prices in the first days of the week that began on November 10. After almost complete completion of off-season repairs, export nominations from Norway were at about 340 million cubic meters per day on Friday, i.e. close to peak flow levels.
NBP spot price for British gas rose 0,7% to 68,50 pence/therm on Thursday from the previous session as colder weather boosted demand and flows from Norway were cut by an unplanned outage at the Karsto plant, limiting supplies by about 9 million cubic metres per day until Friday. Meanwhile, the December-25 contract hit a 20-month low for the contract on the back of LNG deliveries to the UK; the summer 2026 contract fell 1% to 73,59 pence/therm on ample LNG supply.
December LNG futures in Asia, the JKM Platts Future index, settled at USD 398,45 per thousand cubic meters on November 13. Futures for LNG delivered to North-West Europe (LNG North West Europe Marker) closed at USD 365,70 per thousand cubic meters.
European LNG receiving terminals were operating at an average capacity of 50,0% on November 12.
The storage capacity of the largest LNG exporter, the United States, was 3,915 billion cubic feet as of October 31, 2025, according to the latest EIA data, which is 4,3% higher than the average for the past five years. In the US, the Golden Pass LNG project moved closer to launch as a refrigerated cargo left the Qatari port of Ras Laffan, bound for Texas, as part of its final commissioning.
In geopolitics, Yemen’s Houthis confirmed that their attacks on shipping in the Red Sea had ceased following a US-brokered truce between Israel and Hamas.
Gas balance in Ukraine
Natural gas imports from the European direction averaged 23,55 million cubic meters per day with minor fluctuations during the week. Imports were from all neighboring European countries. The main imports were from the Hungarian and Polish directions. Exports from the customs warehouse averaged 0,5 million cubic meters per day, to Moldova. Ukraine’s storage facilities held about 13,2 billion cubic meters of natural gas, the same as in the previous week. Withdrawals amounted to about 5 million cubic meters per day.