TTF front-month gas contracts traded near €27.5–28/MWh early in the first week of January 2026, hitting six-week highs on Friday, January 2, as a cold snap increased heating demand across much of Europe. Despite the rise, prices remained well below levels seen in previous years, reflecting an ongoing bear trend supported by ample global supply and moderate demand growth.
TTF gas futures for February 2026 delivery on the ICE market rose slightly compared with Week 52 of 2025, holding close to €28/MWh throughout the period. On Tuesday, December 30, prices fell -2.8% from the previous day, marking the week’s lowest settlement at €27.528/MWh, just -0.1% below the level of December 23. Prices climbed steadily thereafter, reaching a weekly high of €29.004/MWh on Friday, January 2 — 3.8% higher than the previous day and the same increase from Friday, December 26. The weekly average settlement price stood at €28.251/MWh, up 1.9% from Week 52.
Around Christmas 2025, TTF gas prices hovered around €27/MWh, supported by strong LNG inflows, mild winter weather, and ample storage, though the early January cold snap temporarily pushed prices toward €28–29/MWh. As of press time, the one-month forward contract at TTF was trading at €28.800/MWh.
Meanwhile, Argus has launched the world’s first Bulgarian natural gas price assessments, reflecting the market’s growing importance in Southeast Europe. Since 2022, Bulgaria has evolved from a local hub into a market where some of the largest international trading firms operate. Gas flows from Azerbaijan and Türkiye, while interconnections with Greece and Romania link Bulgaria to LNG infrastructure and Black Sea gas production. Bulgaria also serves as a landing point for Russian gas via the Turkish Stream pipeline.
From 2022 until mid-2024, Bulgaria often had the lowest gas prices in Europe due to abundant supply and relatively low consumption. However, reduced supply in Southeast Europe — driven by lower stocks and the cessation of Russian gas transit through Ukraine — has pushed Bulgarian prices closer to the TTF benchmark, often trading at a premium. On 5 January 2026, Argus assessed Bulgarian day-ahead gas at €30.90/MWh, a €2.58/MWh premium to the TTF.
Argus will publish daily assessments at 3 p.m. Eastern European Time, including price differentials to neighbouring markets such as Romania, Greece, and TTF, allowing traders and market participants to track regional dynamics and compare gas price trends across Southeast Europe.