Greece has hit on Russian gas: the Turkish Stream has returned to its maximum

Since March 5, gas supplies via the European route of the Turkish Stream have returned to a level close to record levels. The import of Russian fuel was abruptly resumed by Greek companies. While the supply of LNG and Azerbaijani gas has slightly decreased.

Since March 5, gas supplies via the Turkish Stream to Europe have returned to the level of January. Deliveries amount to 55.5 million cubic meters per day. While during the previous two-week period, exports fell to 48.6 million cubic meters per day.

Judging by the data of the platform of GTS operators of EU countries ENTSOG, the growth was mainly due to Greece. Prior to that, the country's companies stopped receiving Russian gas and even sent small volumes in reverse to Bulgaria.

However, on March 2, deliveries resumed and reached the level of 6.6 million cubic meters per day.

It is quite possible that the purchase of Russian gas under long-term contracts in March became more attractive compared to other alternatives. Traditionally, the price, depending on stock quotes, is set a month in advance.

For example, LNG imports to Greece decreased from 16 million cubic meters per day to 12.8 million, and supplies from Azerbaijan via the Southern Gas Corridor dropped from 2.6 million cubic meters per day to 1 million.

At the same time, Hungary remains the largest recipient of gas through the Turkish Stream. Romania and Serbia follow. Also, volumes go to Northern Macedonia and a small part, about 3.5 million cubic meters, remains in Bulgaria.

The growth of supplies via the European line of the Black Sea gas pipeline is taking place at a time when gas prices are rising rapidly in Europe due to the Iranian crisis and the shutdown of LNG supplies from the UAE and Qatar.

If in early March the price of fuel increased in Europe by more than 50% and exceeded $ 600 per thousand cubic meters, today gas supplies for a month ahead from the TTF exchange are already trading at almost $ 700.