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Bloomberg
Gazprom PJSC’s average daily exports to key foreign buyers so far in April fell to lowest in three months, as warmer weather and lower spot prices started to lure European clients away from Russian gas.
The gas giant exported an average of 407 million cubic meters a day to countries outside the former
Soviet Union in the first
15 days of April, according to Bloomberg calculations based on a Gazprom statement. That’s nearly 18% below the daily average for the month of March. The company’s year-to-date exports to its key markets tumbled more than 26% compared to the same period of 2021 to 44.6 billion cubic meters, Gazprom said.
“Russian flows have been reduced and LNG imports strengthened in the last few days, as a result of the TTF day-ahead price falling, making spot volume prices more competitive compared to TTF-indexed Russian pipeline gas,†Rystad Energy analyst Vinicius Romano said in a note.
The EU depends on Russia for 40% of the gas it consumes, which makes it challenging for the alliance to stop the purchases in retaliation for Moscow’s invasion of Ukraine.