May 2024 Turkey Natural Gas Imports Rise 2.95%: Russia and Algeria Lead

Turkey lifted natural gas imports in May 2024 by 2.95% year‑over‑year, reaching 3.644 billion m³.

Pipeline Flow: Russia's Dominance

In May, 1.271 billion m³ of gas arrived via pipelines from Russia, accounting for roughly 35% of total imports.

LNG Inflows: Algeria Takes the Lead

On the LNG side, Algeria topped the list with 282 million m³, while the U.S. followed with 105 million m³.

Consumption & Stock Snapshot

■Total natural gas consumption: 4.095 billion m³ (+0.13% YoY)

■Industrial sector consumption: 1.076 billion m³

■Power‑generation/conversion sector: 620 million m³

■Residential consumption: 1.778 billion m³

■Stock level (end‑May): 4.674 billion m³

- Underground storage: 4.354 billion m³ - LNG terminals: 320 million m³

Seda Çetin – Market Pricing & Data Terminal Manager: The 2.95% uptick in May imports, driven by higher pipeline volumes from Russia and a surge in Algerian LNG supplies, may spark short‑term price volatility. In the swap market, rising demand against constrained stock levels could push a modest risk premium on TL‑denominated gas swaps. HFT algorithms will likely rebalance positions sensitive to Russian gas flow swings, creating temporary liquidity tightness.