EUROPE GAS-European gas prices rangebound amid milder outlook
Dutch and British gas price were looking for a direction on Monday, as weather forecasts indicated a milder November start that could help Europe to fill its gas storage. Ukraine, meanwhile, said it would need to import additional gas this winter.
LSEG data shows that the benchmark Dutch front-month contract was lower by 0.10 euros, or 10.87 cents per megawatt hour at TTF hub, at 0821 GMT.
The Dutch day-ahead contracts was up by 0.08 euros at 31.80 Euro/MWh.
The British gas front-month contract dropped 0.68 pence, to 80.28p per therm. Meanwhile, the day-ahead contract decreased by 1 pence and is now at 78.40p/therm.
Karsten Sander-Nielsen, senior analyst at Mind Energy and a market expert, stated in a morning news report that "next week will bring milder weather and more wind in Northern Europe. There is no cold spell to be seen so far."
He added that if confirmed, European Storage Levels could improve in the coming weeks, and prices could drop on Monday.
Georg Mueller, LSEG Meteorologist, said that early November shows signs of milder weather. However, it's too soon to give details.
Gas Infrastructure Europe's data shows that EU gas storage facilities were last filled to 82.8%, down from 95% at the same time last.
Volodymyr Zelenskiy, president of Ukraine, said that Ukraine's infrastructure, which has been badly damaged by Russian attacks, could import gas worth up to $2 billion from Europe, America and Azerbaijan.
A Ukrainian attack forced Russia’s Orenburg Gas Processing Plant, the largest in the world of its type, to suspend its intake of gas from Kazakhstan.
Market attention will be focused on the Monday meeting of European Energy Ministers, who could reach an agreement on a plan for the gradual phase-out of Russian oil and natural gas supplies by January 1, 2028. The EU parliament has already backed it.
The benchmark carbon contract in Europe was down by 0.53 euros at 78.93 euro per metric ton. Reporting by Nora Buli, Oslo; Editing and proofreading by Harikrishnan Nair
(source: Reuters)
