Russian gas sales on Gazprom Export's ESP nosedive in Thursday auction

London — Russian gas sales on Gazprom Export's Electronic Sales Platform (ESP) slumped on the day in Thursday's auction with just 19 million cu m sold.

That is the second-lowest daily volume sold so far in March and is significantly down on the 186 million cu m sold in Wednesday's auction.

Sales on the ESP Thursday were for delivery to just four points – the German Gaspool and NCG hubs, the Slovakian virtual trading point, and the Olbernhau interconnection point between Germany and the Czech Republic.

Gas was sold for just day-ahead and April delivery.

The majority (93%) of the 755 million cu m of gas sold so far in March has been for longer-term delivery (month-ahead, two months-ahead, quarters-ahead, seasons-ahead and year-ahead).

Gas for a range of delivery periods continues to be available in Friday's auction, including day-ahead, April, Q2, Summer and Calendar Year 2021.

Sales have been volatile in March so far, with wild swings in volumes sold. The average daily sales are 84 million cu m/d, making March the fourth-highest month for average ESP sales to date after January and February of this year, and July last year.

In all, gas sales on the ESP now total 23.65 Bcm since the first sale took place in September 2018.

Gazprom Export's ESP sales in March (million cu m)

* Within-day, day-ahead, weekend, balance-of-month

** Month-ahead, two months-ahead, three-months ahead, quarters ahead, seasons ahead

Source: Gazprom Export