EUROPE GAS-European gas prices rangebound amid softer demand
Gas prices in the Netherlands and Britain traded within a narrow range Tuesday morning as temperatures remained stable and heating demand was lower. The supply of LNG and Liquefied Natural Gas (LNG), as well as that from Norway, remained stable.
LSEG data shows that the benchmark Dutch front-month contract was up 0.10 euros at 31.65 Euro per Megawatt Hour (MWh), which is $10.78/mmBtu at 0934 GMT.
The Dutch day-ahead contracts was up by 0.23 euros at 31.71 Euro/MWh.
The British gas front-month contract dropped 0.05 pence, to 79.05 p/therm. Meanwhile, the day-ahead agreement was up 0.75 p/therm at 78.35.
The residential demand for heating in Northwest Europe will decrease by 105 gigawatt hours per day (GWh/d), to 1810 GWh/d, on Friday. It is expected to remain flat at 2534 GWh/d as well as 3070 GWh/d over the weekend and on working days of next week.
Dzmitry Dzauhalevich, analyst at LSEG, said: "Our outlook for TTF is sideways to bullish in the coming day."
Gas Infrastructure Europe's data shows that EU gas storage facilities were 82.84% filled at the end of last year, compared to 95.32% around the same time last.
The Council of the European Union reported that the EU energy ministers backed on Monday the proposal to eliminate Russian gas and oil imports into the EU by January 2028.
At a meeting held in Luxembourg, the ministers approved plans that would gradually phase out all new Russian gas import agreements from January 2026. Existing short-term contracts will be terminated in June 2026 and long-term agreements in January 2028.
The law has not been finalized. The final rules must be negotiated between the EU countries and the European Parliament.
The benchmark contract on the European carbon market was down by 0.57 euros at 79.25 euro per metric ton. (Reporting and editing by Shailesh Kumar; Marwa Rashad)
(source: Reuters)
