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Russia Flaring Excess Gas and Nearing Storage Capacity

NATURAL GAS

Russia is understood to be flaring 4.34 million cubic meters of gas per day from its new liquefied natural gas (LNG) plant at Portovaya, north-west of St Petersburg.

  • Rystad said that excess gas not being sent to Europe is being flared after a sustained period of only 20% capacity flows on Nord Stream 1 to Germany
  • Gazprom said earlier that Russian domestic gas storage is currently at 92% capacity. With only 66 bcm filled and only 6 bcm left, it is expected to be full in early September.
  • Gazprom H1 gas production in H1 August was down 36% y-o-y based on the latest figures as a result in a significant reduction in outflows.
  • Unlike oil, Russia is unable to divert its gas supplies to other markets but was reported today to be in early discussions with India’s GAIL to export LNG cargoes. Gazprom is believed to be likely to offer discounts on the gas in a similar fashion to Russian oil sales to Asia.
Energy BulletsCommodities
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