• 4 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 7 minutes Trump will be holding back funds that were going to W.H.O. Good move
  • 11 minutes Washington doctor removed from his post, over covid
  • 15 minutes Which producers will shut in first?
  • 10 mins Why Trump Is Right to Re-Open the Economy
  • 3 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 2 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 2 hours Its going to be an oil bloodbath
  • 6 hours Wouldn't fall in demand balance it out?
  • 8 hours 80's GOM Oil Fam: Mid-80's Oil Glut Part Deux?
  • 16 hours Death Match: Climate Change vs. Coronavirus
  • 14 hours Free market or Freeloading off the work of others?
  • 15 hours ‘If it saves a life’: Power cut to 1.5 million Californians
  • 19 hours Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 19 hours Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 14 hours Trump will meet with executives in the energy industry to discuss the impact of COVID-19
North Sea Oil Faces Crisis

North Sea Oil Faces Crisis

North Sea oil has a…

Demand Destruction Will Decimate Oil Prices

Demand Destruction Will Decimate Oil Prices

The long-term ramifications of the…

Gazprom Stops Auction As It’s ‘Sold Out’ For 2018

Gazprom office

Gazprom Export, the export arm of Russian gas giant Gazprom, has stopped the natural gas auctions on its electronic sales platform because all natural gas available until the end of 2018 has already been sold, a source close to the issue told S&P Global Platts on Wednesday.

Gazprom Export launched on August 17 its Electronic Sales Platform (ESP) for physical natural gas sales to European consumers, in addition to supplies under existing contracts. The Russian firm expects the platform “to become an additional mean to optimize supplies of gas,” Elena Burmistrova, Director General of Gazprom Export, said.

Sales via the ESP began on September 20, and according to Gazprom Export data, no auctions have been held since last 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 close to the process told Platts.

Gazprom first set a ceiling of 1.14 Bcm of natural gas to be sold in auctions that were planned to run until the end of December this year. Later in the process the Russian company lifted the ceiling. According to Platts estimates, the auction process was halted at 1.036 Bcm sold, just below the original ceiling.

Gazprom, which holds around a third of the European gas market, started the electronic daily auctions to sell gas to customers outside its long-term contract model.

Between January and mid-November, Gazprom’s natural gas deliveries to European countries increased by 3.5 percent compared to the same period last year, with exports to Germany, Austria, the Netherlands, the Czech Republic, Hungary, and Greece rising, Gazprom said last week.

Last month, Gazprom Export’s Burmistrova said that the Russian giant sees additional demand for its gas in Europe at up to 50 Bcm in the medium and long term, and that it would continue to push for the Nord Stream 2 and Turk Stream pipeline projects.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News