Europe & Russia: Trade
Europe’s supply/demand gap is set to widen, with Russian exports likely to rise to help meet market requirements and US LNG due to arrive in June.
Russian exports to Europe are expected to increase further in May. The country’s exports to Europe could rise by around 9% on an annual basis during the month, to reach 15.4 bcm. Russian gas will be required for European storage builds as well as meeting market demand. Russian production is expected to rise to around 53 bcm in May, an increase of roughly 15% year on year. Supply from Gazprom is also expected to increase during the month to reach approximately 35 bcm, a rise of around 27% on an annual basis. One of the drivers for higher Russian output is the need for more gas for Russian storage builds after a winter of heavy withdrawals.
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