The Theoretical Aspects of the Development of the Natural Gas Market

The natural gas market is of exceptional importance for the economic development of Ukraine, ensuring its strategic energy security, and achieving European integration aspirations. Improving the scientific and theoretical foundations for the development of the natural gas market is an essential prerequisite for substantiating effective management decisions for its further development. The article examines modern scientific approaches to the classification of natural gas markets and defining the key features. Among the main classification criteria for distinguishing natural gas markets and their types, the following were proposed: by geographical division; by physical characteristics of the product and method of transportation; by the nature of the agreement for the sale and supply of the product; by the nature of the extraction source and origin; by the type and needs of natural gas consumers; by the degree of trade liberalization; by the degree of competition. Specific characteristic features and key aspects of the gas market have been identified. Among them noted are: the imbalance of costs and prices; significant transportation costs; limitations in natural gas storage capacity; high price volatility; seasonality of demand; significant regional fragmentation and a close connection with financial trading instruments; and the necessity for the State regulation. A brief overview of the latest trends and principles of the development of the natural gas market in Ukraine was provided in the context of opportunities for Euro-integration into the unified energy space of the EU. The main ones include: active liberalization and demopolization of market relations; gradual integration with the unified system of Euro-operators; increasing the degree of diversification of raw material supply sources; improvement of the natural gas market infrastructure, particularly based on digitalization; and the growing importance of the environmental component in the development of the natural gas market. It is emphasized that the current stage of development of the natural gas market in Ukraine is characterized by qualitative transformations that enhance its specificity, transparency, openness, and preparedness for integration with the single energy space of the EU countries.