World’s Largest Natural Gas Co, Gazprom, Sees Demand Spike

2011-5-11


“Not only are our volumes growing, but the growth rates are increasing as well,” Gazprom CEO Alexei Miller said in a statement Tuesday.

According to Miller, Gazprom’s natural gas exports for the first 10 days of May rose 27.8% from the same period last year, with daily deliveries near 500 million cubic meters. Russian domestic demand is up over 10% and is expected to stable this year, Miller said.

Without supplying total volumes, Miller said in the statement that natural gas demand from countries outside of the Commonwealth of Independent States rose 12.4% in the first quarter compared to the same period last year, and April demand was 20% higher from April 2010.

Gazprom is state-owned and as of 2010 held the largest natural gas supplies in the world, accounting for nearly 15% of global natural gas production and 84% of Russia’s natural gas needs. The company holds an estimated 34 trillion cubic meters of natural gas and has oil reserves of 3.1 billion as of Dec. 31, 2009.

Gazprom also operates international oil and gas fields in Venezuela, Bolivia, Libya, Algeria, India, Vietnam, Uzbekistan and Kazakhistan.

 
In the US futures market, natural gas for June delivery rose 9.2 cents to settle at $4.246 per million British thermal units on the New York Mercantile Exchange on Tuesday. Prices are up 1.8% from a year ago.

While Gazprom is not necessarily a market mover in the US natural gas markets, the company’s numbers will likely lend credence to bullish calls on natural gas prices heading back to $4.50 on the Merc in the next few months.

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