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Gazprom PJSC increased its 2021 price guidance for natural gas exports, while signaling caution on volumes it could ship, as Europe’s energy crisis worsens.
The Russian gas giant, Europe’s biggest supplier of the fuel, reiterated that shoring up inventories at home was its top priority. Only after it has refilled its own storage facilities by the end of October, would the company look at potentially increasing exports to continental Europe, Wood & Co. and BCS Global Markets wrote in separate notes Friday following a webinar with Gazprom managers.
Gazprom increased its full-year gas-price guidance for exports to Europe and Turkey to a range of $295 to $330 per 1,000 cubic meters, wrote Ildar Davletshin, head of Russian research at Wood & Co. Mitch Jennings, a senior analyst in Moscow-based Sova Capital, also outlined the same price range. The revised outlook on Gazprom’s average prices in the region is good news for the company’s investors as it signals higher dividends may be coming.
Both Wood & Co. and Sova Capital also say that Gazprom is sticking with its conservative estimate of full-year gas supplies to Europe and Turkey, which is seen at 183 billion cubic meters.
Gazprom didn’t immediately respond to a Bloomberg request for a comment sent outside normal business hours.