Argus launches Ukrainian natural gas storage price

LONDON, Dec. 18, 2023 /PRNewswire/ -- Global energy and commodity price reporting agency Argus has launched a Ukrainian natural gas-in-storage price assessment. The price will bring new transparency to the market value of natural gas stored in Europe's largest underground storage system at a time when reliable supply and energy security are primary concerns for market participants and policy makers.

The new price is for gas in store at Ukrainian underground facilities, and is distinct from Argus' existing suite of assessments of the value of gas for delivery at Ukraine's virtual trading hub. Argus also provides gas price coverage of neighbouring trading points in Hungary and Slovakia, and for many other hubs across the continent, including the Dutch TTF and German THE virtual trading point.

Argus' Ukrainian price assessments are already used in a number of commercial contracts and in the government's calculation of rental payments for gas producers.

Ukraine's gas storage system is the largest in Europe with capacity of 30.95bn m³, which is becoming increasingly attractive to European companies in a market environment in which flexibility is at a premium. Domestic and international trading firms and gas companies inject gas into storage in the summer when demand is low. As cold weather arrives in the winter, firms withdraw the supply and have the option to deliver the gas to the domestic market in Ukraine or export it to meet heating requirements in neighbouring Hungary, Slovakia, Poland and Moldova, and beyond.

"We are the only price reporting agency providing market participants with pricing transparency across a wide range of Ukrainian gas price contracts," Argus Media chairman and chief executive Adrian Binks said. "Ukraine's significant gas market and storage infrastructure are increasingly important to European energy security. Our new gas-in-storage price is produced through dedicated research and engagement with a broad spectrum of buyers, producers and trading firms."

The new daily Argus Ukraine gas-in-storage price is assessed in Ukrainian hryvnia/'000m³ and is also converted into $/'000m³ and €/MWh. Prices are for gas in store across all Ukrainian underground sites, without storage or withdrawal capacity.

Ukraine's gas storage and cross-border services have continued to operate since the start of the conflict with Russia in 2022 and have been unaffected by power supply interruptions. Ukraine's martial law bans exports of domestically produced gas but does not restrict cross-border flows into or out of storage.

Argus opened its Kyiv office in 2008 and became the first price reporting agency to launch Ukrainian gas price assessments, in October 2018.

Argus contact information 

London: Seana Lanigan
+44 20 7780 4200
Email Seana

Houston: Matt Oatway
+1 713 968 0000
Email Matt

Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko

About Argus Media

Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets.

Headquartered in London with 1,300 staff, Argus is an independent media organisation with 29 offices in the world's principal commodity trading hubs.

Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and for long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy.

Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor. 

SOURCE Argus Media