In early January 2026, TTF front-month gas contracts reached €27.5–28/MWh, marking a six-week peak on January 2 due to increased heating demand across Europe amid a cold snap. Despite this rise, prices remain significantly lower than historical levels, reflecting a bearish market trend driven by ample global supply and moderate demand growth.
February 2026 delivery contracts for TTF gas on the ICE market saw slight increases compared to the previous week, averaging around €28/MWh. On December 30, prices dipped by 2.8%, settling at €27.528/MWh, but rebounded to a weekly high of €29.004/MWh by January 2, representing a 3.8% increase from the previous day. The weekly average settlement price was recorded at €28.251/MWh, up by 1.9% from the last week of December.
Leading up to Christmas 2025, TTF gas prices were stable at approximately €27/MWh, supported by strong LNG inflows and mild winter conditions. However, the recent cold snap has temporarily pushed prices higher into the €28–29/MWh range. At press time, one-month forward contracts were trading at €28.800/MWh.
In a significant development for Southeast Europe, Argus has launched the first Bulgarian natural gas price assessments, highlighting Bulgaria’s growing role in the regional market. Since 2022, Bulgaria has transitioned from a local hub to a competitive market attracting major international trading firms. The country benefits from gas flows from Azerbaijan and Türkiye and has interconnections with Greece and Romania that link it to LNG infrastructure and Black Sea gas production. Additionally, Bulgaria serves as a transit point for Russian gas via the Turkish Stream pipeline.
From 2022 through mid-2024, Bulgaria frequently had the lowest gas prices in Europe due to abundant supply and lower consumption rates. However, reduced supply in Southeast Europe—stemming from diminished stocks and halted Russian gas transit through Ukraine—has pushed Bulgarian prices closer to the TTF benchmark, often trading at a premium. On January 5, 2026, Argus assessed Bulgarian day-ahead gas at €30.90/MWh, reflecting a €2.58/MWh premium over TTF.
Argus will provide daily assessments at 3 p.m. Eastern European Time, including price differentials with neighboring markets such as Romania and Greece. This initiative will enable traders and market participants to monitor regional dynamics effectively and compare gas price trends across Southeast Europe.
