EUROPE GAS-Dutch gas prices and British gas rates range-bound due to strong supply and warm weather
Due to a strong supply of gas and a warm weather forecast, Dutch and British wholesale prices for gas were slightly higher on Thursday morning.
LSEG data shows that the benchmark Dutch front-month contract for the TTF hub rose 0.72 euros to 35.10 Euro per megawatt hour (12.06/mmBtu) or $12.06/mmBtu by 0910 GMT.
The Dutch day-ahead contracts was up by 0.65 euros at 34.85 Euro/MWh.
The British day-ahead contracts was up 1.45 pennies at 83.75 pence/therm.
Wayne Bryan, principal of gas research at LSEG, said that the TTF DA is expected to remain within its current price range.
He added that "On the supply side, the Norwegian supply is strong and unaffected, with the Troll outage the only thing currently affecting the flow."
LSEG predicts that local distribution zone demand (which refers to heating demands) will reach 492 gigawatts per day on the weekend and 542 Wh/d during working days next week.
LSEG data shows that the total Norwegian export nomina-tions are at 319 millions cubic metres per day.
In a morning report, analysts from Engie's EnergyScan stated that "the market appears to continue to believe that the current level of prices represents a fair balance."
Gas Infrastructure Europe's data shows that EU gas storage inventories have reached 61,23% capacity.
The European Parliament gave its final approval on a deal on Tuesday to relax the EU's regulations on gas storage. Member states can now meet the 90% target filling between October and Decemeber, instead of the previous deadline of November 1.
The benchmark contract on the European carbon markets was up 0.78 euros at 71.17 euro per metric ton. (Reporting By Marwa Rashad; editing by Harikrishnan Nair)
(source: Reuters)
