Hungary Paid More for Russian Gas in February than the Current Western Benchmark Price
In February, Hungary purchased Russian gas at a higher price than the prevailing price on Western exchanges, marking a return to the long-standing pattern of paying slightly more for Russian gas compared to Western markets.
According to calculations by _Népszava_ based on Eurostat data, Hungary bought Russian gas for 131 forints per cubic meter in February. In comparison, the average price in December on the Dutch gas exchange, the TTF, was 130 forints. Both prices have seen a decline, with Russian gas prices dropping by 16% and TTF prices by 21%. This price adjustment signals a return to the habitual trend where Hungarian purchases of Russian gas are slightly more expensive than the Western benchmarks.
Interestingly, the situation was reversed in January when Russian gas was 5% cheaper than the November prices on the Dutch market. This might have been what Lantos Csaba, the Minister for Energy Affairs, referred to in earlier comments.
In February, Hungary bought 623 million cubic meters of Russian gas for 82 billion forints, which represents a 700 million forint premium over the prices two months earlier on the TTF exchange.
Based on Eurostat data, Hungary was among 13 EU countries purchasing Russian gas in various forms (liquefied and gaseous) in February. Among these buyers, Hungary paid the third highest price and bought the second largest quantity. Only the Netherlands and Spain paid more for Russian gas, specifically for its liquefied form, and only Spain purchased a significant quantity besides Hungary.