For the first time in a year, gas prices in Ukraine have surpassed European prices.

According to Natural Gas ExPro quotes, gas prices in Ukraine on April 29 were approximately €31.8 per MWh, while spot prices on the Dutch TTF were €31.5 per MWh. Thus, for the first time since May 1 2024, natural gas prices in Ukraine have exceeded European prices, with the spread reaching €0.3.

This situation developed as natural gas prices in Europe declined over the past week due to warm weather and stable gas supplies. Meanwhile, in Ukraine, gas prices have risen due to consistent demand, particularly from state-owned Naftogaz and the GTS Operator of Ukraine. Additionally, supply volumes have decreased since Ukrnafta stopped selling gas on the market after the Cabinet of Ministers mandated that it sell gas to Naftogaz as part of the public service obligations (PSO).

However, the current spread between gas prices in Europe and Ukraine is too narrow to restart commercial imports of natural gas to Ukraine by private companies, as it does not cover delivery costs. However, if this trend continues, traders may begin importing gas for resale in the Ukrainian market.