In Ukraine, prices for the resource rose in November, with 9.7 million cubic meters sold. In Europe, spot prices were around €32/MWh, with volatility driven by weather forecasts, sanctions (the 19th EU package), and lower production in Norway. EU underground gas storage facilities were filled to 82.82% of their technical capacity, while Ukraine accumulated over 13 billion cubic meters and began the withdrawal season.
Last week, trading continued for October and November 2025 resources. In general, positions for the purchase and sale of natural gas were formed by the following companies: Ukrnafta, Energo Zbut Trans, Tepla Energetichna Kompaniya, SP BNK, etc.
Starting prices for resources rose during the week. As a result, as of Friday, the average starting price of November resources in the GTS was 3.45% higher than on Monday and amounted to UAH 23,425 excluding VAT.
Tepla Energetichna Kompaniya entered the auction with an offer to sell imported natural gas in the section of the same name with delivery in November to the GTS.
During the past week, only positions for sale were sold. A total of 9,700 thousand cubic meters of natural gas was sold (+28% from the previous week). This entire volume was sold by Ukrnafta – November resource in the UGS. In general, the prices of positions sold last week ranged from 21,085 to 21,415 UAH/thousand cubic meters excluding VAT, which is more than 1,000 UAH higher than the prices of the previous week.
On the short-term natural gas market of the UEB, participants formed bids on the intraday market in the GTS and UGS. In total, agreements were concluded for a total volume of 396 thousand cubic meters (-25% compared to the previous week). By October 24, the weighted average price of KSP had increased by +7.3% compared to October 17.
Last week, geopolitics continued to make headlines but offered little certainty. While on Wednesday, futures for the coming month on gas markets fell by ~2% amid forecasts of higher temperatures in the UK and Europe, which signaled restrained gas demand in November, on Thursday they rose, coinciding with the confirmation of the 19th package of EU sanctions, which will ban imports of Russian LNG from 2027, adding a small premium for geopolitical risk on European hubs. Additionally, this trend is driven by rising domestic demand and reduced production in Norway following the temporary closure of the Oseberg field.
The British gas market followed the European market on Thursday after the US announced sanctions against Lukoil and Rosneft, Russia’s two largest oil companies. Gas prices in the US rose to $3.46 per million BTU, which is 20% higher than the lows recorded on October 17. The continuation of the upward trend in US gas prices could lead to higher LNG prices and increased delivery costs during the winter.
Prices of contracts with delivery in the corresponding period, EUR/MWh, 24.10.2025
Instrument THE CEGH TTF TGE/POLPX Average value
Day1 33.31 34.83 32.42 39.68 35.06
M+1 33.519 34.75 32.44 38.30 34.75
Q +1 33.94 34.99 32.78 38.58 35.07
S +1 32.12 33.96 30.91 36.42 33.35
Contracts for the month ahead on all analyzed hubs showed a different trend compared to spot prices, falling by an average of 0.75%. Quarterly forward prices were on average 0.17% higher than spot prices. Seasonal forward prices, with an average value of €33.35/MWh, tended to be 4.73% lower than spot prices on average.
The US sanctions coincide with the EU’s decision to implement the 19th package of sanctions against Russia, terminating all short-term LNG supply contracts within six months and completely banning Russian LNG from January 2027, one year ahead of schedule.
Further along the curve, prices fell on Friday morning for most contracts, with declines observed from the summer Sum-26 contract to the winter Win-28 contract, indicating that the previous price increase may have been driven mainly by short-term fundamentals.
EU gas storage levels fell to 82.82% on October 22, which is 9% below the 5-year average. The situation with storage facilities in the EU has remained unchanged for a month and is holding at 82%. There are two competing factors behind this static indicator: last week, gas demand in Europe exceeded seasonal expectations by more than 10%, but LNG supplies have already reached the level of the first half of this year. Europe is likely to enter the heating season with the lowest storage levels since 2015 and has recorded its earliest week of net withdrawal since 2020.
The December LNG futures contract in Asia, the JKM Platts Future index, settled at $403.29 per thousand cubic meters on October 23. Futures for LNG supplied to North-West Europe (LNG North West Europe Marker) closed at $375.36/thousand cubic meters.
European LNG receiving terminals operated at an average capacity of 51.0% on October 22.
LNG stocks in the EU as of October 22, 2025, amounted to 4.874 million cubic meters of LNG, according to Aggregated LNG Storage Inventors.
Natural gas imports from Europe averaged 15 million cubic meters per day (-8 million cubic meters compared to the previous period) with significant fluctuations during the week. Imports came from Slovakia, Hungary, and Poland. Imports from Poland fluctuated significantly due to repair work. Hungary was the main source of imports. There were no exports. Ukraine’s storage facilities held about 13.1 billion cubic meters of natural gas, roughly the same as last week. On October 22, 1 million cubic meters of natural gas was withdrawn from underground storage facilities.
Source: https://expertsclub.eu/oglyad-czin-na-gaz-v-ukrayini-ta-yevropi/
On October 24, the National Energy Regulatory Agency of Moldova (ANRE) held an open meeting of the Board of Directors, during which it approved a 50% reduction in tariffs for gas transportation to Ukraine.
“During the meeting, the Board approved amendments to Decision No. 272/2025 on the optimization of the ”Route 1″ capacity product on the Trans-Balkan pipeline, following a joint initiative submitted by natural gas transmission system operators from Greece, Bulgaria, Romania, the Republic of Moldova, and Ukraine. The initiative aims to strengthen regional energy security and ensure natural gas supplies to Ukraine,“ according to a statement on the ANRE’s official website.
”The approved changes provide for the extension of the Route 1 product for 6 months (November 2025 – April 2026), a 50% reduction in transportation tariffs for SRL “Vestmoldtransgaz” at the Kaushen and Grebeniki interconnection points, as well as the extension of the capacity product to all relevant interconnection points along the route. A 50% reduction in transportation tariffs is also provided for by the Romanian transmission system operator SA “Transgaz,” ANRE explained.
“With this decision, the Republic of Moldova is strengthening its role as a regional transit corridor, facilitating the transportation of natural gas from Greece to Ukraine and contributing to the diversification of routes and sources of supply. In the long term, transportation volumes are expected to increase, and as a result, the associated tariffs will decrease for users of the transport system operated by SRL Vestmoldtransgaz,” the statement emphasized.
British company Pennpetro Energy Plc (PPP) has announced the signing of the main terms for the acquisition of a 100% license for oil and gas exploration in the Limnytskyi area in Ivano-Frankivsk region through the Polish holding company Target, which was recently established for this purpose.
“The license being acquired by the company is a little-explored, large-scale and highly promising project, the development of which is expected to make a significant contribution to strengthening Ukraine’s energy independence and sovereignty,” PPP said in a stock exchange announcement.
The company intends to immediately recommission one of the previously abandoned wells and conduct 3D seismic surveys before starting to drill a second well in the near future, which is expected to have a high probability of success.
The 172 sq km Limnitsky oil and gas field is located in the Carpathian Basin, where more than 100 oil and gas fields have currently been discovered.
“Obtaining the basic terms of the license for the Limnitsky field in Ukraine is a turning point for our business. It adds an extremely promising asset to our growing portfolio and opens up the opportunity to develop this field,” said PPP Chairman Stephen Lunn.
According to him, Pennpetro Energy’s capital requirements associated with this license are minimal, and the company has significant growth potential.
According to NADRA info, a special permit for oil and gas exploration and production in the Limnitskaya area was issued in 2007 to Geoposuk LTD, which remains an active subsoil user after the recent cancellation of the order of the State Service of Geology and Subsoil of Ukraine to revoke the permit.
In April 2023, Derzhgeonadra filed a lawsuit against Geoposuk LTD in the Ivano-Frankivsk District Administrative Court, demanding that the special permit for subsoil use be revoked. The basis for this was that among the ultimate beneficial owners of the company there is allegedly a citizen of the Russian Federation.
In July 2023, the court of first instance upheld the lawsuit, recognizing the permit as invalid, and in February 2024, the Eighth Administrative Court of Appeal left this decision unchanged. In compliance with the court decisions, the State Geological Service issued an order on February 15, 2024, to revoke the permit.
However, on April 30, 2025, the Supreme Court overturned the decisions of the lower courts, recognizing that the revocation had been carried out in violation of the law, as a result of which Gosgeonedra revoked the previous order on May 5, 2025.
Pennpetro Energy Plc is a public company registered in 2016 in England and Wales. The company is engaged in oil and gas exploration and production, focusing on onshore projects in Texas (USA), particularly in Gonzales County, where it owns rights to more than 2,500 acres. Pennpetro has a number of subsidiaries, including Pennpetro USA Corp., Nobel Petroleum LLC, and Pennpetro Greentec UK Limited.
In 2024, PPP reported revenue of approximately £0.5 million with a net loss of £8.9 million.
On October 16, Pennpetro Energy plc announced the appointment of Mauritius Kalugin as executive director and chief operating officer of the company. Until January 31, 2023, he held the position of executive director and chief operating officer of the Naftogaz group.
The Cabinet of Ministers of Ukraine has set the heating season from November 1 to March 31, instead of the previous period from October 15 to April 15.
The government formalized its decision by Resolution No. 1267 of October 8, 2025, “On amendments to the Resolution of the Cabinet of Ministers of Ukraine of July 19, 2022, No. 812 ‘On approval of the Regulation on the imposition of special obligations on natural gas market entities to ensure public interests in the process of functioning of the natural gas market regarding the peculiarities of natural gas supply to heat producers and budgetary institutions.’”
Source: https://interfax.com.ua/
The total level of natural gas reserves in Ukrainian underground storage facilities (UGS) at the end of last week was 11.5 billion cubic meters (including 4.7 billion cubic meters of long-term storage gas), which is 2% lower than last year’s figure.
This was reported by former Energy Minister Olga Buslavets on her Facebook page.
“Daily gas consumption in Ukraine over the past week has fluctuated at 23-24 million cubic meters per day, which, according to AGSI (the European platform Agregated Gas Storage Inventory – IF-U), allows more than 50 million cubic meters per day to be pumped into UGS facilities,” she wrote.
This daily injection volume is possible thanks to the available gas import volumes, which, according to the Ukrainian Gas Transmission System Operator (OGTSU), have amounted to about 23-24 million cubic meters per day from Hungary, Poland, and Slovakia since the beginning of September (excluding short-haul transit).
In turn, as Buslavets noted, at the end of last week, natural gas reserves in European UGS facilities increased to 84.5 billion cubic meters with a fill rate of 79%, which is 7% below the average for the last five years and 16% below last year’s level, or 16 billion cubic meters.
As reported, the Ministry of Energy of Ukraine plans to accumulate 13.2 billion cubic meters (or 8.6 billion cubic meters without taking into account “buffer gas”) by November 1, 2025, which, according to former OGTSU head Serhiy Makogon, is too low and will require additional imports of 1.5 billion cubic meters in winter.
The Norwegian government has allocated 1 billion Norwegian kroner ($98.3 million) to Ukraine for the purchase of natural gas, according to Serhiy Koretsky, CEO of Naftogaz Ukraine.
“This is a clear response from our partners to Russian terror aimed at depriving Ukrainians of heat in winter,” he wrote on Facebook on Friday.
According to Koretsky, Naftogaz will use these funds to purchase gas to meet the needs of the heating season.
“The assistance received will be an important contribution to a stable winter in 2025-2026 and to strengthening the country’s energy security,” he stressed.
As reported with reference to Prime Minister Yulia Svyrydenko, on August 13, Naftogaz of Ukraine and the European Bank for Reconstruction and Development (EBRD) signed an agreement for a renewable loan of EUR500 million.
“This is the bank’s largest project in our country.
But most importantly, this is the first time such a loan has been provided under an EU guarantee, without a state guarantee from Ukraine,” she commented.
In addition, in April, it was reported that Naftogaz of Ukraine had been granted a EUR270 million loan from the EBRD under a state guarantee to create strategic gas reserves, which Norway supplemented with a EUR139 million grant.
According to the EBRD, the total amount of its financing to Naftogaz of Ukraine since the start of the full-scale war in 2022 has reached EUR1.6 billion.
