RUSSIAN GAS UP 16%
PLATTS wrote, The amount of natural gas exported from Russia to Northwest Europe in July dipped 1% month on month, posting a more severe 8% fall year on year, data from Platts Analytics' Eclipse Energy showed Tuesday.
Total gas flows from the East through the Nord Stream, Yamal and Brotherhood pipelines combined fell to 9.43 Bcm last month, down from 9.55 Bcm in June and a 10.27 Bcm record high set in July 2015.
Gas flows via the Brotherhood pipeline, transiting Russian gas through Ukraine, in July fell by over 500 million cu m month on month and by more than 1.1 Bcm year on year to 3.17 Bcm.
Flows via Yamal, transiting Russian gas through Poland, and Nord Stream, transiting Russian gas direct to northeast Germany, in July both rose on the month to 2.58 Bcm and 3.68 Bcm respectively.
Despite the month-on-month decrease, Russian pipeline gas deliveries to Northwest Europe remain comfortably above previous levels for the time of year.
Between January-July, flows totaled 66.52 Bcm, 16% higher than the cumulative total for the same period last year and 13% up on the previous record high for the January-July period of 58.73 Bcm from 2014.
Indeed, flows for the first seven months of the year stand marginally higher than the total for the first eight months of last year of 66.07 Bcm.
With the recent bullish turn on longer-term European hub pricing due to the extension of the Rough outage on July 15, allied to oil prices dropping back in July to three-month lows, Russian gas priced off oil-indexed mechanisms look set to remain competitive, with hub contracts in the next quarter and for the whole of 2017.