EUROPE GAS - Prices in a narrow range due to stronger winds and healthy supply
Due to a healthy supply of gas and forecasts for higher wind output, Dutch and British wholesale prices traded in a tight range on Friday morning.
According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.08 euros to 33.83 Euro per megawatt-hour (MWh) as of 0844 GMT.
The weekend contract increased by 0.43 euros to 33.08 Euro/MWh.
The British contract for the month of August has dropped by 0.50 pence, to 80.10 cents per therm.
LSEG data indicated that wind power production is expected to be stronger in the first half of next week, especially on Tuesday. Solar output, however, should be lower.
The forecast for the end of next weekend is for temperatures to increase again. This will drive demand for electricity for cooling, and wind output should fall.
Ulrich Weber is a gas analyst with LSEG.
The impact of the Troll outage has been reduced, and the total Norwegian export nominatons are up 7 million cubic meters (mcm) to 323 mcm/day.
The benchmark contract on the European carbon markets was down by 0.65 euros at 71.41 euro per metric ton. Nina Chestney reports.
(source: Reuters)
