EUROPE GAS - Prices range bound as US and Iran trade attacks for a second day
* US-IRan hostilities dim hopes for a peace deal
* The closure of the Strait could affect LNG supplies, increasing competition for cargoes
Norwegian field maintenance will cut?supply. EU gas storage is below last year's levels
LONDON, JUNE 11 - Dutch and British natural gas wholesale contracts traded in a narrow range Thursday morning as the United States and Iran exchanged air attacks for the second day straight, with President Donald Trump vowing to launch further strikes if Tehran did not agree immediately to a "peace deal".
Data from Intercontinental Exchange (ICE), showed that the benchmark Dutch front-month contract was EUR0.09 lower at EUR49.90 per Megawatt Hour (MWh) as of 0823 GMT.
The British front-month contracts?was down by 0.11 pence to 120.21 pence a therm.
"Traders became concerned that the lack of a peace agreement would see more than a 5th of global LNG supplies being curtailed due to the closure of Strait. The competition is increasing for the few remaining LNG cargoes in the market, said Daniel Hynes senior commodity strategist at ANZ Research.
He added that Asia LNG prices are also higher due to the increased interest on the spot market. The hot weather is boosting the demand for gas-fired electricity?across?the?continent.
LSEG data shows that maintenance at Norway's Troll field and the Kollsnes treatment plant will?cut off 46 million cubic meters (mcms) of supply every day from Thursday to 15 June.
Gas Infrastructure Europe's data shows that EU gas storage facilities were at last 43.10 percent full, down from 51.79% "at the same point" last year.
The benchmark contract on the European carbon markets was EUR0.33 lower at EUR77.17 per metric ton. (Reporting and editing by Nina Chestney; Marwa Rashad)
(source: Reuters)
