Russia's gas transit through Ukraine fell 10% on the first day of April, reflecting a widening gap between Gazprom's long-term contract prices and spot prices in Europe. Gazprom shipped 37.5 million cubic meters via Ukraine on Apr. 1, down from 41.6 MMcm on Mar. 31, according to data from the Ukrainian gas transmission system operator. The decrease might be mainly caused by a monthly revision of Gazprom's hub-linked contract prices, which are now understood to be higher than spot prices, market analysts say. However, the gap might narrow soon: Colder weather, expectations of lower renewable power generation and restricted LNG imports due to a strike in France all placed upward pressure on prices in late March.
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