Full Gas Stocks Slash Gazprom’s Market Share in Europe

Russia’s Gazprom reduced gas supply to northwest Europe and Italy more than other sellers in the first half of this year, signalling a glut in the region has reached its peak.

Record oversupply due to the coronavirus pandemic and two mild winters has seen stocks in the region rise to almost full capacity earlier than usual, sending prices to all-time lows. Top supplier Gazprom’s first-half market share in northwest Europe and Italy fell by around 4 percentage points to 34% versus 38% a year earlier, data complied by Reuters and Refinitiv showed.

Exports through its three main routes – Nord Stream, Mallnow and Velke Kapusany – fell by 14 billion cubic metres (bcm), the data showed. Supply from the second largest supplier – Norway’s Equinor – fell by around 4 bcm but its market share edged up 1 percentage point to 26% amid the supply drop from Russia…

View entirety: Reuters