Gazprom Gas Exports Jump in September as Europe Refills Storage

OAO Gazprom (GAZP), the supplier of a quarter of Europe’s natural gas, boosted exports by 25 percent in September from a year earlier as European utilities rushed to refill depleted storage before the winter heating season.

Gazprom exported 13.2 billion cubic meters of natural gas to Europe and Turkey last month, the most for September since at least 2010 and compared with 10.6 billion cubic meters a year earlier, according to preliminary data released by the export unit of the Moscow-based gas producer by e-mail today. Supplies jumped 16 percent in the first nine months of the year to 118.4 billion cubic meters, Gazprom Export said.

Russian gas exports have rebounded after a slump in 2012 as a colder-than-usual start to this year depleted inventory levels. Stores were 78 percent full as of yesterday, the last day of the six-month summer period, compared with 88 percent a year earlier, according to data from Gas Infrastructure Europe, a lobby group in Brussels. Availability of gas in storage fell to a record-low 21 percent full on April 13.

Flows from Norway, Europe’s second-biggest supplier, averaged 7.2 billion cubic meters last month, compared with 6.4 billion cubic meters a year earlier, data from Gassco AS, Norway’s gas pipeline network operator, show.

October may be warmer than usual in Europe, according to four out of five weather forecasters surveyed by Bloomberg, which may damp demand for gas and power this month.

Gazprom plans to increase exports by 10 percent this year to at least 152 billion cubic meters, Deputy Chief Executive Officer Alexander Medvedev said on June 4.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

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