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Gazprom Domestic Gas Storage Full

NATURAL GAS

Gazprom announced via its Telegram channel yesterday that its domestic gas storage is now full at 72.662 billion cubic meters – the first time it has reached that level.

  • Based on prior announcements via the same channel, Gazprom has taken around two months to fill the final 8.6% presenting a significant slowdown in storage rates.
  • Unable to sell significant volumes to the west and with storage full, Gazprom last reported that its September gas production was 39% below that of a year prior. October is anticipated to fall further.
  • Russia is making plans to increase imports towards China but even at high case scenarios will struggle to cover the shortfall left by Europe.

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