Germany halved purchases of Russian gas




Gazprom continues to record a sharp drop in gas supplies to Europe, despite the lifting of quarantines in all European countries and the gradual “unfreezing” of the economy.





Following the problems in the Turkish market, which in the summer gave up Russian gas completely, and the almost 2-fold underload of Power of Siberia, difficulties arose with the main client in the EU — Germany.

In July, Russian gas supplies to Germany began to decline sharply again and fell even below the levels observed during the maximum quarantine in the spring.

Within a month, Gazprom sold 1.469 billion cubic meters to German customers — 43% less than in June (2.576 billion cubic meters), and 2.2 times less than in the same month a year ago (3.253 billion).

The volume of supplies became the minimum this year, breaking the anti-record in April when 2.159 billion cubic meters were pumped to Germany.

As a result, Germany for the first time in many years ceased to be the largest buyer of Russian gas in Europe, having ceded this status to Italy (1.669 billion cubic meters). The latter also reduced purchases compared to June (by 16%) but increased relative to the previous year (by 35%).

Other large Western European clients of Gazprom also reduced imports: Austria — by 33% versus June and 23% per annum (693 million cubic meters); France — by 31% in monthly terms and 39% in annual terms (759 million cubic meters).





Turkey resumed purchases in June after a complete stop of pumping. However, their volume — 364 million cubic meters — remains 6 times less than at the beginning of the year, and three times lower than the July-2019 levels.

The total export of Gazprom to Europe amounted to 11.5 billion cubic meters — 2 billion less than in June. In annual terms, the decline reaches 20%.

Russian gas is inferior to Norwegian and liquefied gas coming from the United States and Qatar. Following the results of the second quarter, Gazprom's share in the EU market fell to 27.8% — the minimum in 20 years of available statistics.

At the same time, prices rose sharply: at the largest hub — TTF in the Netherlands — gas for delivery the next day rose from $50 in the spring to $140 per 1,000 cubic meters.
However, there is no need to wait for prices to recover to pre-crisis levels above $200 per thousand cubic meters.

The European gas market is drowning in a surplus of supplies, and there is practically nowhere to pump fuel: as of July 31, Europe's UGS facilities were 85% full, and on August 31 — already 92%.

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TAGS: GERMANY, GAS, RUSSIA

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