Russian natural gas exports to Western Europe up 53% in Q1Staff writer ▼ | April 7, 2016
The amount of natural gas sent from Russia to Western Europe during the first three months of the year stood more than 50% higher year on year, according to Eclipse Energy, an analytics unit of Platts.
Energy transport Total Russian gas exports stood at 28.330 Bcm
Flows in March were well up compared to previous years at 10.245 Bcm, 30% higher than 2015 levels and close to the monthly record high of 10.270 Bcm from July 2015.
Russian gas flows have been strong recently as the oil price crash has meant that Russian gas has become cheaper under Gazprom's oil-indexed pricing structure.
With oil prices remaining below the $40/b mark as expectations of production cuts have weakened, Russian gas is set to remain competitive with European hub pricing for the rest of the year, with high flows expected as a result.
Norwegian pipeline gas exports to the UK and Continental Europe posted a record for the first quarter period, with 30.113 Bcm exported between January and March.
This represented an increase of 5% year on year and a 15% hike from Q1 2014.
Monthly exports in March breached the 10 Bcm barrier for only the fifth time since 2010, increasing 4% month on month and 2% year on year to 10.089 Bcm, although Norwegian supply fell below Russia for the first time since October.
Norwegian gas exports are set to be stifled from April 19 due to the start of the summer maintenance schedule on the Norwegian Continental Shelf, when receipts at the UK's Easington terminal will be cut by 36 million cu m/d - about 50% capacity - for two weeks with accompanying field maintenance. ■