Prices of EUROPE GAS remain stable as the market waits for news about Russian sanctions
The Dutch and British wholesale prices of gas were unchanged on Thursday, despite a weakening demand. Market participants also waited for news about new European sanctions against Russia.
LSEG data shows that the benchmark Dutch front-month contract was 33.06 euros per Megawatt Hour (MWh) or $11.43/mmBtu at 0829 GMT. This is a decrease of 0.15 euros.
The Dutch day-ahead contracts was down by 0.13 euros to 32.67 euros/MWh
The British gas day-ahead price increased by 0.30 pence to 80.60 pence a therm.
In a daily note, LSEG analyst Dzmitry Dzhalevich stated that "On the basic side, it is expected that total demand will decrease slightly in Northwest Europe on a day-ahead basis."
LSEG data revealed that the non-local distribution zone (which includes power plants) demand in Northwest Europe was expected to decline by 150 gigawatts/day, to 1,508 GWh/d, for the day ahead.
The European Commission has prepared its 19th set of sanctions against Russia as a response to the Ukraine War. U.S. Energy Secretary Chris Wright and EU Energy Commissioner Dan Jorgensen will hold discussions in Brussels this Thursday on efforts to limit Russian energy trade.
In a daily note, Northern Gas and Power analysts said that "uncertainty about winter demand and risks in other supply areas leave prices susceptible to sudden swings."
The benchmark contract on the European carbon markets was down by 0.46 euros at 76.64 euro per metric ton. (Reporting and editing by Susanna Fenton; Reporting by Susanna Twidal)
(source: Reuters)
