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Gazprom Export's electronic auction gas sales hit 10-week high


Sells 88 million cu m Tuesday, most since October 4

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Sales continue Wednesday for January-March gas delivery

London — Russia's Gazprom Export sold the biggest daily volume in 10 weeks on its Electronic Sales Platform (ESP) on Tuesday, with total sales reaching 88 million cu m.

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The high sales volume coincides with a relatively low German gas price -- the month-ahead price at the NCG hub has slumped in the past week well below Eur24/MWh, its lowest point since the auctions began at the end of September.

All the sales on Tuesday were for delivery in January, bringing the total for delivery next month to 248 million cu m -- or at least 86% of the total sales for Q1 delivery.

A further 33 million cu m has been sold for delivery in either January or February, with just 7 million cu m sold for March delivery.

Tuesday's sales were for delivery to the Gaspool and NCG trading hubs in Germany, and the Slovakian and Austrian virtual trading points.

Gazprom Export began sales for Q1 delivery on November 26 having sold out 1.04 Bcm for delivery in Q4.

Total sales on the ESP -- launched in September as a replacement for its previous email-based auctions -- is now 1.32 Bcm.

Sales continue for Q1 delivery in Wednesday's auction, with volumes offered for delivery to the Gaspool hub across all of Q1 and at NCG, Austria and Slovakia for January delivery only.

--Stuart Elliott,

--Edited by Alisdair Bowles,