Frost grabbed Ukraine for gas: imports at $ 790 and open valves in storage facilities

Who came to Frosty weather in Ukraine forces local companies to take gas from almost empty storage facilities as much as possible and import fuel at record prices in recent years. The cold weather will last at least another week and a half. It is not known whether there will be enough Ukrainian opportunities for them.

Since February 12, Ukraine has reached a new level of gas extraction from storage facilities. During the day it amounted to more than 77 million cubic meters. This is a new maximum since January 2024 and another reason why local UGS facilities will be empty before the end of the heating season.

The fullness of the vaults this week fell to 8.6%. Active gas reserves decreased to 2.6 billion cubic meters. And at the new pace of selection will end in mid-March. The operator of the country's gas transportation system cited in the presentations the technical parameters according to which, with current reserves, the gas extraction limit will fall to 60 million cubic meters or less, but so far it has been possible to squeeze the maximum out of the UGS.

More gas has been lifted from storage facilities since February 4, when the Russian army began to reduce domestic production with retaliatory strikes on Ukrainian gas production facilities, and the frosty weather that came only aggravated the situation — increased demand.

Meteorologists predict that frosty weather on Ukraine will last at least another week and a half. For example, on February 14, the air temperature in Kiev is minus 7 — plus 1, and on Tuesday it will drop to minus 3 — minus 11.

Last year, Naftogaz announced that it would pass the heating season on its own gas. However, in this situation, Ukraine had no choice but to start buying fuel at record prices abroad in recent years. According to the nominations of the "Ukrainian GTS Operator", on February 13, imports amounted to 21 million cubic meters, and on February 14 it will grow to 23.4 million cubic meters.

The former head of the GTS Operator of Ukraine, Serhiy Makogon, reports that the fuel is imported by the operator of the Ukrtransgaz UGS, which is part of Naftogaz, and the prices are as high as possible.

Ukrtransgaz buys imported gas already at 32.32 thousand UAH ($ 790) per thousand cubic meters without VAT. I bought 25 million cubic meters with deliveries on February 20 — March 15. Plans to buy another 75 million cubic meters," Sergey Makogon writes with reference to The Ukrainian Energy Exchange (UEB).

"The price is already more than twice as high as it was in the summer of 2024. The effectiveness of Naftogaz's managers is off the scale," the ex—head of the Ukrainian GTS Operator explained that the management of the controlled Ukrtransgaz, which formally can buy gas only for its own use, needs to help out the parent company.

"The brave head of Ukrtransgaz. Loyalty is good, but there must still be an instinct of self—preservation. I wonder how soon such purchases will be explained," Sergey Makogon added.

Theoretically, Ukraine can skip the heating season, depending on the weather. However, the issue of filling the empty storages by next winter will not go away. To reach at least last year's figures, another 3 billion cubic meters will be needed, which now cost at least $ 1.65 billion in Europe.