In early January 2026, TTF front-month gas contracts reached approximately €27.5–28/MWh, achieving six-week highs on January 2 due to a cold snap that heightened heating demand across Europe. Despite this increase, prices remained significantly lower than previous years, indicative of a sustained bearish trend supported by ample global supply and moderate demand growth.
For February 2026 delivery, TTF gas futures on the ICE market saw a slight uptick compared to Week 52 of 2025, stabilizing around €28/MWh. On December 30, prices dipped by -2.8%, marking the week’s lowest settlement at €27.528/MWh. This was just -0.1% lower than the level recorded on December 23. However, prices rebounded, reaching a peak of €29.004/MWh on January 2, reflecting a daily increase of 3.8%. The average settlement price for the week was noted at €28.251/MWh, representing a rise of 1.9% from the previous week.
Around the Christmas period in 2025, TTF gas prices were stable at approximately €27/MWh, buoyed by robust LNG inflows, relatively mild winter conditions, and sufficient storage levels. However, the onset of colder weather in early January pushed prices towards the range of €28–29/MWh. As reported recently, the one-month forward contract at TTF traded at €28.800/MWh.
The launch of official natural gas price assessments by Argus marks a significant development for Bulgaria’s energy market, reflecting its growing role in Southeast Europe. Since 2022, Bulgaria has transformed from a local hub into an active market for major international trading firms. The country benefits from gas flows originating from Azerbaijan and Türkiye, while its interconnections with Greece and Romania provide access to LNG infrastructure and Black Sea gas production. Additionally, Bulgaria acts as a conduit for Russian gas via the Turkish Stream pipeline.
Bulgaria previously enjoyed some of the lowest gas prices in Europe from 2022 until mid-2024 due to abundant supply and low consumption levels. However, recent reductions in supply across Southeast Europe—stemming from diminished stocks and halted Russian gas transit through Ukraine—have driven Bulgarian prices closer to the TTF benchmark, often resulting in a premium pricing scenario. On January 5, 2026, Argus assessed Bulgarian day-ahead gas at €30.90/MWh, indicating a premium of €2.58/MWh over TTF.
The daily assessments published by Argus will be released at 3 p.m. Eastern European Time and will include comparative pricing data against neighboring markets such as Romania and Greece as well as TTF rates. This initiative will enable traders and market participants to monitor regional dynamics effectively and analyze gas price trends throughout Southeast Europe.
