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Gazprom Export makes first balance-of-month sale on electronic platform

Highlights

Latest deal shows increase in ESP sales flexibility

Total sales since year-start up to 241 million cu m

2019 sales focused on Gaspool delivery in February

London — Gazprom Export on Thursday sold the first-ever balance-of-month gas volumes on its Electronic Sales Platform, or ESP, as the Russian company continues to add more flexible products to its electronic sales.

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It sold a total of 24 million cu m for January delivery to the German Gaspool hub, the first time gas had been sold for delivery within the same month of the auction.

Sales continue to be healthy on the ESP since the start of the year. Total volumes sold are now 241 million cu m -- the equivalent of close to 50 million cu m/d across the five daily auctions so far in 2019.

The majority of the sales this year have been for February delivery to Gaspool, with a small volume sold for March delivery to Gaspool and some gas sold for February delivery to the German NCG hub, the Arnoldstein interconnection point and the Slovakian virtual trading point.

The balance-of-month sale follows the first ever day-ahead sale on the ESP last month, with 0.7 million cu m sold for delivery to Gaspool.

Gazprom Export said a standard framework contract was being prepared that would allow day-ahead sales on a regular basis.

The total volume of gas sold on the ESP -- which started in late September 2018 as a mechanism for selling gas outside of Gazprom's traditional long-term contract model -- is now 1.88 Bcm.

The volume remains small compared with Gazprom's total sales in Europe and Turkey last year, which CEO Alexei Miller said would reach some 201 Bcm, but is an evidence of new selling behavior by the Russian gas giant.

Gazprom Export has sold gas via the ESP in three waves to date. The first was for delivery of gas in Q4 2018, the second for delivery predominantly in January 2019, and now a third wave.

GAZPROM'S THIRD WAVE OF ESP SALES (million cu m)

Gaspool VTP Slovakia Arnoldstein NCG Total
Jan 4, 2019 29.1 12.9 17.4 59.4
Jan 7, 2019 3.9 4.2 9.7 17.8
Jan 8, 2019 43.7 16.2 3.9 3.9 67.7
Jan 9, 2019 9.7 9.7 19.4
Jan 10, 2019 63 9.7 3.9 76.6
Total 149.4 52.7 34.9 3.9 240.9

The sales process continues Friday with gas on offer for delivery in February and March to Gaspool, the German NCG hub, the Baumgarten interconnection point in Austria (and its alternative Austrian delivery points) and the Slovakian virtual trading point.

It remains to be seen whether this third wave of auctions will push delivery periods out beyond March into Q2.

-- Stuart Elliott, Stuart.Elliott@spglobal.com

-- Edited by Ikhhlaq Singh Aujla, newsdesk@spglobal.com

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