Gazprom continues to test the waters for spot gas sales, planning its third auction on Aug. 31-Sep. 1. This will be for winter supplies to Europe, with the list of delivery points now including Austria, which widens the geographic spread of potential bidders to Eastern and Southern Europe. The Russian gas giant did not say how much gas would be offered, with the volume to be sold hinging, as in the first two auctions, on price. Gazprom's oil-linked term contract prices fell in the first half of 2016, but volumes grew. Term prices are expected to rebound in the second half, reflecting oil's rise to around $50 per barrel from less than $30/bbl in January, and a low auction price would suggest the Russian firm is determined to go for volume over value to head off US competition (WGI Jan.27'16).
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