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Turkish Stream maintenance slows storage refilling
Turkish Stream maintenance slows storage refilling
London, 5 June (Argus) — Maintenance work on the Turkish Stream pipeline has curtailed gas deliveries to central and southeast Europe so far this month, reducing the pace of storage injections and supporting regional gas prices. Limited arbitrage opportunities have prevented firms from making up for slower inflows on that route through stronger imports from elsewhere, leaving storage as the most economical source of market balancing. Annual Turkish Stream maintenance is taking place on 2–7 June, with the daily transit nomination at the Strandzha 2 entry point to Bulgaria falling to zero on 2–6 June, the most recent data show. Daily transit deliveries at the Strandzha 2 entry point to Bulgaria were at around 480 GWh/d on 1 June, below around 490 GWh/d in May ( see Turkish Stream flows graph ). Gas shipped through Turkish Stream supplies Hungary, Slovakia, Serbia and other central eastern Europe markets. Assuming Turkish Stream remains fully off line until 7 June, countries in central and southeast Europe are set to lose a combined 2.94TWh of supply over the period. But flows on the Turkish Stream resumed one day ahead of schedule last year, at roughly half the rate seen prior to maintenance works. The loss of flows was largely offset by a slowdown in storage injection rates across the region. Combined injections in Hungary, Romania and Slovakia declined to 64 GWh/d on 2–4 June from around 132 GWh/d in May, while Bulgaria stopped injections on 2 June after building 14.3 GWh/d a week earlier. Regional prompt prices have risen during Turkish Stream maintenance, increasing their values relative to markets in western Europe. The Hungarian prompt day-ahead price held an average premium of €1.98/MWh to the TTF on 1-4 June, widening from €0.745/MWh in May. The Slovakian day-ahead price has held €2.41/MWh above the TTF so far this month, widening from €2.08/MWh in May. Bulgarian day-ahead prices switched to a premium of €3.19/MWh from a discount of €0.35/MWh in May ( see price graph ). The limited price uplift did not attract additional west-to-east imports, as arbitrage opportunities were insufficient to cover transportation costs. Flows at Baumgarten, Lanzhot and Mosonmagyarovar increased by 19 GWh/d on 2-4 June from 45 GWh/d in May, but this did not compensate for the loss of deliveries on the Turkish Stream. LNG sendout from Greek, Croatian and Polish terminals did not increase. The combined sendout from these terminals so far in June was 292 GWh/d, lower than the 377GWh recorded in May. Alternative supply in the region may come from Azerbaijan through the 11.16bn m³/yr Trans Adriatic Pipeline and imports from Turkey. But deliveries of Azeri gas have been stable at the Kipoi interconnection point on the Turkish-Greek border and have averaged 346 GWh/d so far this month, down slightly from 347 GWh/d in May. Flows at Strandzha 1 have averaged 18.2 GWh/d so far this month, up from 8.3 GWh/d in May, but this increase is also still not sufficient to compensate for the loss of Gazprom's deliveries to the region. By Victoria Dovgal Turkish stream flows May-June GWh/d Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Firms book gas storage for optionality over economics
Firms book gas storage for optionality over economics
London, 4 June (Argus) — Most natural gas storage bookings are being made for optionality rather than to lock in trades for economic incentive, market participants told Argus at the sidelines of the Energy Trading Leaders' Summit in Amsterdam. The TTF summer-winter spread initially inverted after the escalation of the US-Israel war with Iran in early March and stayed inverted until its expiry on 30 April. TTF prices for summer gas deliveries have since remained above those for winter. Germany's THE hub has shown the same pattern, although spreads have swung back and forth at times. This has made storage bookings unprofitable in the conventional sense, leaving traders unable to lock in spreads for bookings or injections, unlike in previous years. Firms have still booked and injected gas into storage despite the lack of price signals for economic injections. Companies have booked around 72pc of German storage capacity, and injections are continuing, albeit slowly. This may partly reflect firms moving away from summer-winter spreads — now inverted and unprofitable — and instead booking capacity for optionality. Traders surveyed by Argus at the summit expect TTF prompt prices to surge later this year, particularly if the strait of Hormuz remains effectively closed through the summer and storage levels stay low. Some firms are therefore booking or injecting without locking in a spread, hoping prices rise in winter to deliver returns. Some summit participants said gas prices could rise when the market starts to price in the gap between current storage fill levels and approaching winter demand. At present, they said, the market has not factored in the risk associated with winter demand. Storage acts as a buffer against gas scarcity and it is underpriced when the market does not perceive an immediate need for it, one participant said. Because this buffer is not currently being tested, the price does not reflect its value. Later in the summer, the market may begin to price in the risk associated with winter demand, but for now, it is responding only to the immediate supply shock. But not all firms are following this strategy. Some companies that trade gas storage as a financial asset rather than a physical product have retreated from auctions because spreads are unattractive. These firms require a wide summer-winter spread to participate, as operators may charge an additional premium for extrinsic value — likely because they are trading for financial purposes — which further undermines economic viability. By Alejandro Moreano Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
CEE gas stocks to reach 70pc by 1 Nov amid deficit
CEE gas stocks to reach 70pc by 1 Nov amid deficit
London, 27 May (Argus) — Central and eastern Europe's (CEE) gas storage injections remain too slow to fully offset a year-on-year deficit, with inventories on track to reach 70pc by 1 November, as conditions diverge across countries depending on supply and storage mandates. The region's average injection rate was almost unchanged on the year at 69.6 GWh/d over 1 April–25 May, compared with 68.7 GWh/d a year earlier. This kept the storage deficit in place because the EU ended winter with much lower stocks than a year earlier. Austria recorded the largest year-on-year shortfall at 7.6TWh, followed by the Czech Republic at 5.1TWh and Slovakia at 2.5TWh on 26 May, GIE transparency platform data show (see stocks graph ). The combined inventory deficit in Austria, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania and Slovakia was 15.7TWh on 26 May. If current year-on-year differences in injection rates hold through the summer, the regional storage fill could reach 70pc by 1 November, down from 82pc a year earlier. Injection patterns vary as national storage mandates and supply portfolios influence filling strategies. Assuming that the summer stockbuild remains at the same deficit to last year in the coming month, storage in Poland is on track to reach capacity in early October, while Slovakia, Hungary, Austria and Romania are projected to reach 80pc on average by 1 November, and 60pc in the Czech Republic. In contrast, Bulgaria and Croatia are on track to reach only 26pc. National storage obligations accelerated stockbuilding earlier this year in some CEE countries by setting mandatory deadlines. Hungarian and Slovak law require certain market participants to build storage reserves in domestic facilities. And the Czech Republic targets 60pc fill by 1 September and 90pc by 1 November. Poland's stockbuild rose by around 50 GWh/d on the year on 1 April–26 May, with Slovakia up by 42 GWh/d and Hungary by 18 GWh/d, partially offsetting earlier storage deficits (see injections graph ). Assuming this injection pace, storage in these countries could exceed last year's levels and stay above 80pc by 1 November. Stable supply portfolios have supported these gains, as the countries rely on long-term pipeline deals and offshore production. Hungary and Slovakia remain highly dependent on gas via Turkish Stream, while Poland's supply portfolio includes a substantial share of Norwegian gas. These flows tend to remain stable throughout the year, with interruptions mostly limited to scheduled maintenance. Prague on track to miss target The Czech Republic faces the highest risk of missing its target unless it sharply accelerates injections in the second half of the summer. Czech injections slowed by 58 GWh/d on the year on 1 April–25 May, and in Bulgaria by 20 GWh/d, which may increase reliance on imports later in summer. Bulgaria and Croatia also have limited storage compared with demand and rely heavily on LNG imports. The persistently weak stockbuild and low inventories in the Czech Republic could widen the year-on-year gap further. At the current trajectory, storage could hold at around 28TWh, or 60pc, by 1 November — well below the 90pc target. The Czech Republic is very dependent on LNG, leaving it exposed to global competition and cargo diversions to higher-priced markets. Czech state-controlled utility Cez has booked 3bn m³/yr of LNG capacity at the Dutch 8bn m³/yr Eemshaven terminal to the end of October 2027. This covers almost half the country's annual demand last year, showing its growing reliance on LNG. This setup may limit availability and increase both price volatility and supply risk despite secured regasification capacity. By Victoria Dovgal Net injections 2026 vs 2025 GWh/d CEE stocks dynamic TWh CEE stocks by country TWh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s Santos to pursue Papua LNG, Alaska oil
Australia’s Santos to pursue Papua LNG, Alaska oil
Sydney, 26 May (Argus) — Australian independent Santos has outlined plans to focus on its best-performing and most profitable projects, including LNG projects and its Alaska North Slope oil tenements, while slashing spending on Australian domestic gas fields. Santos will transform its Australian domestic oil and gas business to reduce capital expenditure (capex) and raise margins, chief executive Kevin Gallagher told an investor forum in Sydney on 26 May. The company will focus on production in the Moomba Central fields area in South Australia state's onshore Cooper basin, maintaining throughput at the Moomba gas plant while deprioritising other Cooper basin fields, to save $300mn in capex between 2027-30 and $150mn/year thereafter. The company will develop two profitable basins — in Alaska, where it is bringing its 80,000 b/d Pikka phase 1 oil field online, and in Papua New Guinea, where it holds equity in the proposed Papua LNG terminal which is due to reach a final investment decision (FID) in July-December this year . Santos took an FID on connecting new gas supply to the ExxonMobil-operated 6.9mn t/yr PNG LNG joint venture earlier this month. Domestic prospects The Adelaide-based firm has prioritised foreign projects in recent years, with Gallagher criticising the Australian government's position on the process for achieving offshore regulatory approvals during the Barossa pipeline court dispute. Despite this it produced first gas at the Barossa LNG project earlier this year and said it had overcome commissioning problems that paused shipments of LNG between 26 February and 21 May, with the project now at 75pc of its planned 2026 production rates and targeting plateau production in mid-2026. Santos plans to drill three appraisal wells in Australia's onshore Beetaloo shale gas subbasin from July, which it said may contain 430 tcf of undiscovered gas and could become a major source of LNG feedstock. The company's other Australian upstream target is the Bedout subbasin offshore Western Australia (WA) where it has repeatedly deferred development of the Dorado phase 1 project — which was to include a 60,000 b/d oilfield, considered to be the largest undeveloped oil project in Australia. Santos will appraise the three wells for scale in 2027. In carbon markets, the company said it would aim to achieve FID-ready status at its proposed 10mn t/yr Bayu-Undan carbon capture and storage (CCS) scheme in 2026. The initial customer would be Barossa, with 2.3mn t/yr planned for sequestration in the former gas field between Australia and East Timor. But third-party CO2 volumes would be sought to commercialise the CCS project further, Gallagher said. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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