German Gas Imports up 13.3% Yr/yr in April

German gas imports were up 13.3% year on year (yr/yr) in April at 447,872 TJ, according to preliminary data published by trade statistics office Bafa, but were down 23% month on month (m/m).

Prices paid on the border during the month came to €2,739 ($3,068)/TJ, down 40% yr/yr and 20.4% m/m. German imports in the first four months of the year grew by 8.7% to 2.09mn TJ as their average price fell 35.1% to €3,508/TJ.

European gas prices have fallen considerably over the past as a result of rising LNG imports and lockdowns put in place since March to contain the Covid-19 pandemic. Demand has seen some support in countries like Germany, however, where cheap gas has displaced coal in the power sector.

Low prices have also encouraged traders to store more supplies, with flows into Ukraine's giant underground facilities helping to absorb the deliveries of LNG. These imports began falling earlier in June however as the US terminal operators began to see a sharp rise in the number of cargo cancellations.