EUROPE GAS - European prices are rising as the cold weather continues to be in sight
LONDON, January 6 - Dutch wholesale gas prices and British wholesale gasoline prices both rose on Tuesday, after a 5% drop on Monday, as the weather forecast for the next few days was cooler than previously expected.
LSEG data shows that the benchmark Dutch front-month contract was up 0.45 euros at 28.00 Euro per megawatt hour at TTF hub, or $9.61/mmBtu by 0945 GMT.
The contract dropped?5% from 27.33 Euro/MWh to the previous session.
The Dutch day-ahead contracts?was up by 0.16 euros to 28.68 Euros/MWh.
The British day-ahead gasoline price was up 0.65 pennies at 76.15 penny per therm.
In a daily note, LSEG analyst Yuriy Onyshkiv stated that "we see more upside in the next 'week. The cooler and less windy?forecast?is expected?to boost demand compared to the previous forecast run."
LSEG data revealed that the demand for local distribution zones (LDZs) in north-west Europe will increase by 103 gigawatts per day, to 5,929 GWh/d. For working days next week, it is expected to rise by 628 GWh/d, to 5,323 GWh/d.
The cold weather has also caused a decrease in the level of gas stored. Gas Infrastructure Europe said that Europe's storage sites are around 59.83% filled, compared to 70.18% last year.
The benchmark contract on the European carbon markets was up 0.54 euros at 87.79 euro per metric ton. (Reporting and editing by Susanna Twidale; Marwa R. Rashad)
(source: Reuters)
