Gas prices in Europe are falling due to a strong supply and mild weather.
The wholesale gas prices in the UK and Netherlands fell on Friday morning, as a result of a strong supply and unseasonably warm temperatures forecast.
LSEG data shows that the benchmark Dutch front-month contract was lower by 0.21 euros, or 10.64 cents per megawatt hour at TTF hub, at 0920 GMT.
The Dutch day-ahead rate was lower by 0.35 euros, at 31.42 Euros/MWh.
The British front-month contracts lost 0.15 pence, to 82.02p/therm.
LSEG analysts predicted that the total LNG export in Northwest Europe would be 2,676 gigawatt-hours/day by Friday. This is an increase of 100 GWh over previous estimates.
In a daily note, LSEG analyst Saku Jussila said that the forecast for Zeebrugge's (LNG terminal's) cargo sendout was revised up today as four cargoes are expected to arrive next week.
LSEG data revealed that Norwegian gas exports are also very strong at 328 millions cubic metres per day.
The forecasts of milder temperatures than normal for this time of year has reduced expectations regarding gas demand.
Engie EnergyScan analysts have predicted that temperatures will rise by 3 to 5 degrees Celsius over normal in Central Western Europe at the end of the week.
The benchmark contract on the European carbon markets was down by 0.03 euros, at 80.14 euro per metric ton.
(source: Reuters)