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19 May 2022 | 12:07 UTC
By Gary Hornby
Highlights
Switzerland still net gas importer from Germany
YTD net gas exports from France higher than 2021
PSV hub holds premium to THE equivalent
Natural gas exports from France to neighboring Switzerland remained elevated in recent weeks, but have failed to shift gas flows between Germany and Switzerland as Italy has received additional gas sourced from France, an analysis by S&P Global Commodity Insights showed.
Net exports of gas from France to Switzerland for the January 1-May 17 period this year stood at a total of 2.642 Bcm, already comfortably higher than the 2.034 Bcm net exports seen for the whole of 2021, data from S&P Global showed.
The increase in exports from France has been fueled by a strong rise in LNG traffic into both France and Spain, with French LNG regasification rates having averaged 78 million cu m/d so far this year, up 73% on an annual basis, and solid imports from Spain via the Pyrenees in recent months.
The boost of gas flows into Switzerland from France has seen an equivalent increase in exports from the country toward both Germany and Italy. However, flows of gas have been more toward the south than the north despite the reduction of Russian flows to Germany.
Net imports to Germany have averaged 9 million cu m/d since the beginning of 2022, compared with 8 million cu m/d during 2021, S&P Global data showed.
Conversely, net exports to Italy averaged 4 million cu m/d during 2021 but have averaged 18 million cu m/d so far in 2022, meaning that the additional gas from France is being moved to Italy rather than Germany with Switzerland still a net importer of gas from the THE area.
Price data from S&P Global showed that the June contract on the German THE hub was assessed at Eur93.40/MWh May 18, a premium of 70 euro cent when compared to the Eur94.10/MWh assessment for the same period on the Italian PSV hub.
Moreover, delivery for the May 19 gas day was assessed at Eur89.10/MWh on the THE hub against Eur95.50/MWh on the PSV hub.