EUROPE GAS - European prices are easing due to profit-taking and milder weather.
Gas prices fell in Europe and Britain on Monday after reaching a month-high in the previous session. Traders took some profits and forecasts for less windy and cold weather eased demand.
LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 1.23 euros to 27.60 Euro per megawatt hour or $9.45/mmBtu at 0916 GMT.
The contract was closed on Friday at the highest level since November 27.
The Dutch day-ahead contracts was down 1,22 euros to 28.20 Euros/MWh.
The British gas price for the day ahead was 0.65 pence lower at 77.75 cents per therm.
Analysts at Engie EnergyScan stated that Dutch prices were falling primarily due to profit-taking.
Georg Mueller, LSEG's meteorologist, said that the weather would also become milder and a little?windier after the weekend and will likely continue to be so at least until the end of?next week.
LSEG data revealed that the demand for local distribution zones (LDZs) in North-West Europe, which largely reflects heating needs, will fall from 5,826 GWh per day on Monday to 4,695 GWh/day during working days for next week.
Non-LDZ Demand, which reflects the demand in the power sector is expected to decrease from 3,853 GWh/day down to?3,191 GWh/day.
Gas Infrastructure Europe's data shows that EU gas storage facilities were at last 60,55% full compared to?70,75% last year.
In a LinkedIn post, Greg Molnar said that the amount of gas stored over the'summer' could increase by 10 billion cubic meters (bcm) compared to last year. This figure would rise even more if the first quarter is colder.
The benchmark contract on the European carbon markets was down 0.45 euros at 87.86 euro per metric ton. Nora Buli, reporting from Oslo; Nina Chestney, editing)
(source: Reuters)
