EUROPE GAS-European gas prices stable as supply of LNG offsets increased demand
The Dutch and British gas contract prices were not much different on Tuesday morning, after having fallen for four days in a row. This was due to a combination of an increase in demand during the less windy weather and cooler temperatures this week and a slight rise in imports.
LSEG data shows that the benchmark Dutch front-month contract was up 0.06 euro at 31.41 Euro per megawatt hour at TTF hub, or $10.63/mmBtu by 8:26 GMT.
The Dutch day-ahead contracts was up by 0.15 euros to 31.80 Euros/MWh.
The British gas day-ahead price fell by 0.12 pence, to 79.53 cents per therm.
In a daily report, Arne Lohmann-Rasmussen said that "LNG imports have been increasing in both the UK and the EU."
He added that Russia continues to export sanctioned LNG from its Arctic 2 facility to China, which reduces Europe's competitiveness with China on global LNG markets.
Analysts report that as of October 10, nine Arctic LNG 2 shipments have been discharged from the Chinese Beihai Terminal.
LSEG analyst Yuriy Onyshkiv wrote in a morning report that the sending of regasified LNG is increasing. One cargo arrived at the Montoir Terminal this week despite a strike.
He said that "falling temperatures" boosted the residential demand forecast for this week. However, he predicted that demand will decline next week.
Gas Infrastructure Europe's data shows that EU gas storage sites are 83.1% filled as of October 12 compared to 95% last year.
Analysts at Engie EnergyScan stated that European gas storage facilities switched from net withdrawal to net volume reduction mode on Monday, and the stored volumes are expected to continue to decrease on Tuesday.
The benchmark carbon contract in Europe was down by 0.90 euros at 77.22 euro per metric ton. Nora Buli, reporting from Oslo; Harikrishnan Nair, editing)
(source: Reuters)