Argus Launches First Bulgarian Natural Gas Price Assessments
Argus has launched the first Bulgarian natural gas price assessments, reflecting the country’s growing role in southeast Europe’s gas and LNG trade.
(P&GJ) — Argus Media has launched the world’s first price assessments for Bulgaria’s natural gas market, expanding its coverage of southeast European gas trading hubs.
Argus said the new assessments reflect Bulgaria’s growing role as a regional gas crossroads, following infrastructure additions that have increased cross-border flows and trading activity. The Bulgarian market has evolved since 2022 from a largely domestic hub into one with participation from major international trading firms.
Natural gas now flows into Bulgaria from Azerbaijan and Turkey, while the country also serves as a key landing point for Russian gas entering southeast Europe via the Turkish Stream pipeline. Interconnections with Greece and Romania link Bulgaria to LNG import infrastructure and Black Sea gas production.
From 2022 through mid-2024, Bulgaria frequently recorded some of Europe’s lowest gas prices due to diversified supply options and relatively limited domestic demand. Argus noted that conditions shifted as regional gas stocks declined and Russian gas transit through Ukraine ended, pushing Bulgarian prices closer to the Dutch TTF benchmark and, at times, above it.
Argus assessed Bulgarian day-ahead gas at €30.90 per megawatt-hour on Jan. 5, representing a €2.58 per megawatt-hour premium to the TTF.
“We are pleased to respond to our clients’ needs for an independent Bulgarian gas price,” said Adrian Binks, chairman and chief executive of Argus Media. “Our comprehensive southeast European gas coverage gives clients the tools they need to navigate a volatile part of the European gas market, which will keep evolving as the EU looks to phase out supply from Russia and Black Sea production ramps up.”
Argus will assess Bulgarian spot prices daily at 3 p.m. Eastern European time and publish corresponding price differentials to Romania, Greece and the TTF benchmark.