Gas is already more expensive than European: what to expect from the Ukrainian market.

Gas prices reached record levels in Ukraine for the first Time in two years

According to Natural Gas ExPro quotes as of May 26, gas prices in the Ukrainian market reached 23,000 hryvnias per thousand cubic meters including VAT. This is the highest level in the last two years, since February 2023.

Gas traded in the range of 22,800 - 23,200 hryvnias per thousand cubic meters, depending on the source. Excluding VAT, the price is 19,000 - 19,333 hryvnias per thousand cubic meters, or equivalent to $458-466 per thousand cubic meters or €38.15-38.83 per megawatt-hour.

The imbalance of supply and demand pushes prices up

Disruption of the market balance has caused price increases. A significant advantage of demand over supply in May created strong pressure on gas prices.

Government decisions since early April have limited the available volume of gas for commercial buyers, further leading to price increases. Demand continues to grow, while gas reservation is actively done by end consumers.

Ukrainian gas is more expensive than European

Prices in the Ukrainian gas market now exceed European ones. The difference reaches €2 per megawatt-hour, the highest since February 2024. This does not yet ensure a full recovery of commercial gas imports, but if the difference continues to grow, a recovery of imports by private companies is possible.