In Oct'23, Russia exported 7mmcf to China followed by a record level of 21.5 mmcf in Nov'23. These cargoes were priced at an average of US$432/mcf; YTD to Nov'23 Russian imports were purchased at US$649/mcf (-15% y/y) but that is due to a couple of individual cargoes earlier in the year that sold at prices >US$1,000/mcf. Looking at the last seven months, which have more consistent rates, prices have averaged at US$417/mcf which is in line with global trends. This surge is attributed to Gazprom's ramp up of its Amur facility since Sep'23. Amur's first production train which has commenced helium shipments has a helium production capacity of 700mmcf/y (~58mmcf/month). Considering a global helium market of 6 bcf/y, Russia's Nov'23 exports into China alone adds ~4% to global helium supply.
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