INSUBCONTINENT EXCLUSIVE:
Russian gas supplies to Europe via the TurkStream gas pipeline set a new record last week, according to data from the European Network of
reached a record weekly level between Feb
3 and 9, with over 390 million cubic meters (mcm) pumped through the Strandzha-2 compressor station on the Turkish-Bulgarian border
This marks the highest weekly delivery since the pipeline's launch in January 2020, surpassing the previous record of 376 mcm set between
13 and 19.The pipeline also set a new daily supply record, peaking at 56.7 mcm on Monday, breaking previous highs several times throughout
the week.Since Ukraine shut down its transit of Russian gas to Europe on Jan
Last year Ukraine transmitted some 15 billion cubic meters (bcm) of gas to the EU, a supply that has now stopped, increasing the pressure on
Europe to find a new source of gas to replace this gas.In addition, a cold winter means that EU gas tanks have been emptying faster than
normal and the EU will have to find an additional 10bcm to replace the excess gas used this winter to power industry and heat homes.The
shortfall has already sent prices of gas up and led to talk of restarting the damaged Nord Stream 1 and 2 pipelines
beginning of the heating season, the EU has already withdrawn more than half of the accumulated winter fuel reserves, totaling 53.2 bcm
The last season of gas withdrawal from European underground storage facilities ended on March 31, 2024, with a record 58.44% of reserves
still in place.Gas prices risingGas prices hit a two-year high this week, rising above $620 per thousand cubic meters as Europe braces for
while the rate of withdrawal in February was almost 60% higher than in 2024.Rising demand and a shortage of supply have been made worse as
Asia starts hoarding gas in anticipation of harsh tariffs imposed by the Trump administration.Goldman Sachs has revised its forecast for
"As a result, we believe the region will need to attract additional LNG imports this year to manage gas inventories to comfortable levels
respectively.Goldman Sachs also highlighted the higher-than-expected LNG demand in Asia this year and said it could push TTF prices to the
Conversely, a potential peace agreement between Russia and Ukraine could lead to increased flows of Russian gas to Europe and lower
23, European natural gas prices have stabilized at approximately $580 per kcm, near a three-week high, as markets balance mixed signals
recordsThe TurkStream pipeline transports Russian gas to Turkey and southern and southeastern Europe via the Black Sea
It has a total annual capacity of 31.5 billion bcm, of which about half goes to Turkey, which does not have its own storage facilities
TurkStream gas deliveries to Europe hit a monthly record of 1.56 bcm in January
In 2024, total transportation via the route increased 23% y/y, reaching 16.7 bcm, with Hungary receiving a record 7.6 bcm of this
supply.Hungary, a key recipient of TurkStream gas, received assurances from Brussels on Jan
pipeline, and protect the TurkStream infrastructure from attacks.In return, Budapest agreed to extend EU sectoral sanctions against Russia
for another six months beyond Jan
Hungary has consistently opposed efforts to reduce Russian energy imports, citing concerns over its energy security.Talks are also underway
supplies of gas.In 2025, Gazprom will export 38 bcm to China, about 25 bcm to Turkey and 15 bcm to Europe via the TurkStream pipeline across
The 15 bcm that Gazprom has lost due to the suspension of Ukrainian transit would therefore have made up about 16% of this export portfolio:
a noticeable but not fundamental volume.This article first appeared in bne IntelliNews.
