EUROPE GAS-European gas prices increase in the afternoon on cooler weather forecast
The Dutch and British gas price rose on Friday after-noon on the expectation of higher demand.
Data compiled by LSEG revealed that the benchmark Dutch front-month contract at the TTF Hub was up 0.73 'euro 'at 27,65 euros per megawatt (MWh), which is $9.51/mmBtu by 1627 GMT.
The Dutch day-ahead contracts was up 0.58 Euro at 27.58 EUR/MWh.
The British front-month contract gas price?was up 2.66 pence to 73.31 p/therm while the day-ahead was up 2.56 pence to 71.31p/therm.
Saku 'Jussila, a LSEG analyst, said that the demand for local distribution?zones (LDZ), which is largely reflected in heating demand, will increase on Monday as temperatures return to seasonal norms.
He said that while this would support prices, the gains are likely to be modest.
Daniel Hynes said that low storage levels of gas will ensure a high level of LNG arrivals.
Gas Infrastructure Europe's data shows that EU gas storage sites are 71.29% full compared to 80.89% at the same time last.
The benchmark contract on the European 'carbon market' was down 0.20 euros at 83.70 euro ($98.17) per metric ton.
Agnieszka Wesylewicz, LSEG analyst, said that the contract reached an 11-month peak of 84.40 euro/ton Thursday due to expectations for tighter supply by 2026. $1 = 0.8526 Euros (Reporting and editing by Nora Buli, Marwa Rashad and Susan Fenton).
(source: Reuters)
