Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Natural Gas

Gazprom Export halts auction process as available natural gas volumes sold: source

Commodities | Agriculture | Biofuels | Energy | Electric Power | Natural Gas | Oil | Crude Oil | Refined Products

Market Movers Europe, Apr 6-10: Oil and power markets brace for production cuts and demand drops amid COVID-19

LNG | Natural Gas | NGL

Platts LNG Alert

Capital Markets | Commodities | Electric Power | Natural Gas

Mexican Energy Conference, 24th

Natural Gas | Oil | Crude Oil | Jet Fuel | Petrochemicals

Factbox: Asian fuel suppliers desperate to get rid of excess supplies

Gazprom Export halts auction process as available natural gas volumes sold: source

Highlights

No Gazprom Export gas auctions since last Friday

Sales had fallen to a trickle in past week

Volumes sold since September 20 total 1.036 Bcm

London — Russia's Gazprom Export has halted natural gas sales on its Electronic Sales Platform (ESP) after selling all of the available gas to year-end, a source close to the matter said Wednesday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Since the auction process began on September 20, a total of 1.036 Bcm has been sold, just under the original maximum Gazprom Export said it would offer ahead of its launch.

No auctions have been held this week, with the last sale held on Friday, November 16.

"There are no auctions as all of the gas available in balance has been sold till the end of the year," the source said.

Gazprom Export could not be reached for immediate comment Wednesday.

The company initially set a ceiling of 1.14 Bcm for the auction process -- which had been due to run to the end of December -- but lifted it in early October.

Sales have ended up just over 100 million cu m below the original ceiling.

MONTHLY DELIVERIES

Most of the sales were made in the first half of the auction calendar in late September and early October.

The majority of the volumes sold were when the German NCG price was trading around the Eur27-28/MWh mark.

Volumes trailed off when the NCG price fell sharply in mid-October and recovered only when the NCG price dipped below Eur24/MWh.

A total of 56% of the sales were for delivery in November, with December volumes representing 41% and October just 3%.

Gazprom Export's rationale for the electronic auctions was to be able to sell additional volumes of Russian gas to customers directly outside the long-term contract model.

The ESP is a replacement for Gazprom Export's email-based auctions that took place in the summers of 2015 and 2016.

It is unclear whether Gazprom Export intends to repeat the ESP auctions in Q1, with the company unavailable for comment.

For buyers, the sales offered additional flexibility around their Russian gas purchases and the opportunity to optimize their imports on a locational and price basis.

GAZPROM EXPORT AUCTION SALES TOTAL 1.04 BCM

Date Delivery point Original maximum Total mcm/month Delivery period Sold so far
volume (MWh/h) **
17 Sep-30 Oct NCG 500 34.1 Oct-18 19.7
Gaspool 450 30.7 17.7
17 Sep-29 Nov Baumgarten 1,080 71.4 Nov-18 4.2
VTP Austria * 35.3
Arnoldstein* 35.3
Oberkappel 1,080 71.4 0
Waidhaus 3,680 243 244.4
VTP Slovakia 2,160 142.8 246.4
NCG N/A N/A 8.7
17 Sep-28 Dec Baumgarten 1,080 73.8 Dec-18 4.3
VTP Austria * 56.5
Arnoldstein* 4.3
Oberkappel 1,080 73.8 0
Waidhaus 3,680 251.1 68.7
VTP Slovakia 2,160 147.6 222.3
NCG N/A N/A 35.8
Gaspool N/A N/A 32.1
Total 16,950 1,139.70 1,035.70

* alternative delivery point to Baumgarten
** under initial calendar published mid-September. No more fixed maximum volumes
Source: Gazprom Export

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

--Edited by James Leech, newsdesk@spglobal.com