In the “Medium- and Long-Term Market” section of the UEB, trading continued for May and June 2026 contracts. In total, eight companies placed offers to buy or sell natural gas: VK Ukrnaftoburinnya, GTS Operator of Ukraine, Ukrtransinvest, and others. During the week, 2,600,000 cubic meters of natural gas were sold in the section. Positions by the Ukrainian GTS Operator were successful. Additionally, heat-generating enterprises, namely Cherkasyteplokomunenergo and the “City Heating Networks” Concern, purchased natural gas on the exchange for the first time to generate electricity. Selling prices ranged from 22,050 to 22,700 UAH/thousand cubic meters excluding VAT, with a downward trend.
On the UEB short-term natural gas market, participants placed bids on the intraday market and the “day-ahead” market. A total of 39 deals were concluded, with a total volume of 2,227 thousand cubic meters.
Last week, European gas prices were affected by conflicting news from the Middle East, while in some markets, M+1 gas contracts experienced significant volatility—reaching 3-week highs and 2-week lows over several consecutive days. Geopolitical turmoil, uncertainty over winter supplies, and growing structural demand mean that conditions could change rapidly.
On Thursday, gas prices fell significantly for most 2026 contracts following news of a potential agreement between the U.S. and Iran to end the conflict and ensure the free flow of maritime traffic through the Strait of Hormuz: Following the successful passage of the Liberian-flagged LNG carrier Mubaraz through the strait, it appears that other loaded LNG carriers have also passed through.
On Friday morning, DA gas prices continued this trend. This decline reflects sentiment regarding comments from various news outlets confirming Iran’s readiness to negotiate regarding its nuclear program—the main source of disagreement between the parties—which increases the likelihood of resolving the conflict. This breaking news was partially offset by reduced flows from Oseberg in Norway two days before the scheduled start of a maintenance period, which strengthened the gas system on May 9.
Short-term prices demonstrated their ability to react quickly to weather conditions and system imbalances. Even outside of peak winter periods, volatility remains a defining feature of the market. A colder May forecast is driving additional demand, while wind power generation in Europe is running below average. The decline in renewable energy production is tightening the power system and forcing greater reliance on gas-fired power plants.
Hedge funds have increased their net long positions in the European gas market, according to the latest Commitments of Traders report. With little change in short positions, the funds added another 26 TWh of long positions, bringing the total net long position to 288 TWh.
EU gas storage is at 34% capacity, but gas is being injected at a rapid pace—approximately 10% per month. This has calmed the market in the short term and helped shore up prices, despite broader risks.
Natural gas imports from Europe stood at 0.11 (+0.3) million cubic meters per day. Imports came from Poland and Hungary. There were no exports from the customs warehouse. Ukraine’s storage facilities held 10.33 (+1.48%) billion cubic meters of natural gas. There were no withdrawals from UGS facilities; instead, injections were observed—about 31 million cubic meters per day.
