Norwegian May gas output beats forecast
Norwegian gas sales for the month of May were 8.7bn m³, which was 2.3% higher than the December forecast and also 6% more than in the same month in 2020, the Norwegian Petroleum Directorate said June 18. It was however down 11% on April, as the maintenance season got under way. Last year a number of projects were carried over until this year owing to logistical difficulties caused by the pandemic.
The increased output might have been in response to the unusually high summer prices for gas as the market is looking to replenish storage. This has more or less flattened out the price curve on a seasonal basis for this summer and next winter.
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Gazprom has also been flowing more gas through its northern pipelines through Poland and under the Baltic Sea, reporting higher sales to Poland, Germany and other importing countries in the first five months of the year. But it has so far this year bought additional capacity to ship more gas through Ukraine, contrary to market expectations.