Prices continue to decline due to a healthy supply and ceasefire
The Dutch and British wholesale prices of gas continued to drop on Thursday morning due to an ample supply and weak demand, as well as the apparent holding of a ceasefire agreement between Israel and Iran.
The benchmark Dutch front month contract at TTF hub was down 0.73 euros to 34.65 Euros per Megawatt Hour (MWh) at 0857 GMT. Meanwhile, the August contract is 0.77 euros lower at 35.13 Euros/MWh.
The British front-month contracts was down 1,83 pence to 80,80 pence per therm.
According to Oleh Skrynyk, LSEG's gas analyst, Norwegian exports are up in continental Europe. Demand for gas by power plants is down for tomorrow and this weekend because wind and solar production remain above normal seasonal levels.
Next week, the wind and solar power generation is expected to return to its normal level.
The North-West Europe dispatch is expected to drop as French terminals undergo planned maintenance this coming week.
Donald Trump, the U.S. president, has welcomed the end of the air war that raged between Iran and Israel. He said Washington will likely ask Tehran to commit to ending its nuclear ambitions during next week's talks with Iranian officials.
Robert Fico, the Prime Minister of Slovakia, said that Slovakia would not vote for a new European Union package on Russia this Friday. Instead, it will ask to delay voting until Slovaks' concerns about gas supply after 2027 have been addressed.
The benchmark carbon contract on the European market was down 0.66 euros at 70.49 euro per metric ton. Nina Chestney reports.
(source: Reuters)
