The Ukrainian natural gas market has seen a record price increase: for the first time in over two years, domestic prices have exceeded European prices. According to the specialized agency ExPro, as of May 27, gas in Ukraine was traded at UAH 22,800–23,200 per thousand cubic meters with VAT, which is equivalent to UAH 19,000–19,333 without VAT or $458–466 per thousand cubic meters. In conversion, this is €38.15–38.83 per MWh.
In comparison, prices at European hubs remain lower. This is the first time since the beginning of 2022 that Ukrainian quotes have been higher than European ones. According to experts, if this trend continues, private traders may resume gas imports to Ukraine, which has not actually happened in the past year and a half due to the superiority of domestic prices.
The reasons for this jump are seasonal demand, expectations of high gas prices for the population during the heating season, and a reduction in the free supply of the resource from producers.
