Ukraine is shifting its gas import timeline to the latter half of the year due to a significant increase in energy prices, influenced by ongoing conflicts in Iran. This change marks a departure from the usual practice of importing gas from late spring through early autumn.
A source familiar with the situation indicated that there are currently no forecasts for a decrease in gas prices in the coming months. Consequently, imports may ramp up as early as late Q3 or early Q4.
Last year, Ukraine supplemented its gas reserves during winter months to prevent shortages, but this year, the government initially planned to import between 2 to 2.5 billion cubic meters throughout the year. However, financial constraints have hindered these plans.
As of April 1, Ukraine significantly reduced its gas imports and halted supplies through Hungary, Slovakia, and Romania, as traders did not arrange shipments through these routes. By midweek, only 0.78 million cubic meters were reserved for delivery through Poland, accounting for just 3% of daily gas supplies in March.
The lack of booking requests for gas capacity may be attributed to rising prices, which surged nearly 60% in March due to the conflict in Iran. Currently, the cost of gas in Europe exceeds $600 per thousand cubic meters.
Ukraine is revising its gas import schedule to later in the year due to soaring energy prices linked to the conflict in Iran. Financial limitations and a significant reduction in imports through traditional routes further complicate the situation.