Russian exports to Europe down in 2020

Flow volumes on Gazprom’s preferred Nordstream route remain high. But the chart shows a sharp fall in Russian gas exports via the Ukraine/Slovakian swing route and also some decline via the Yamal route (Belarus/Poland). The drop in export volumes partly relates to Gazprom meeting supply obligations via withdrawals from very high storage inventory levels.  There has also been some pick up in gas routed via the Turkstream line. But it raises a key question around whether Russian flows to Europe will remain weaker across the summer as LNG continues to flood into Europe.