Prices of EUROPE Gases ease due to ample supply and cold weather forecast

Dutch and British wholesale prices of gas fell on Monday morning, due to the 'ample supply' from Norway and liquefied natural gas.

Prices moved within a narrow band in a thinly traded market ahead of the public holiday Christmas later in the week.

LSEG data shows that the benchmark Dutch front-month contract was lower by 0.25 euros, at 27.95 Euros per?megawatt hours, or $9.61 Per mmBtu at 0921 GMT.

The Dutch February price fell by 0.18 euros to 27.70 euros per megawatt hour.

The British 'day-ahead' contract fell by 1.00 pence to 72.25 per therm.

All market participants, including investment funds seem to be waiting and watching. Although fundamentals are bearish at the moment, all market participants are aware that certain risk factors, particularly on the U.S. Supply side, could reverse the trend if prices continue falling," analysts from Engie's EnergyScan stated in a morning report.

Gas Infrastructure Europe has released the latest figures showing that Europe's gas?storage facilities are 67.24% filled.

Aly Blakeway is the manager of Atlantic LNG for S&P Global Energy. She said that as winter approaches, storage levels on the continent are lower than they were in recent years. This may force buyers to increase their LNG purchases in January and in February. The benchmark contract on the European carbon markets was 0.13 euro lower, at 86.92 Euros per metric ton. (Reporting and editing by Barbara Lewis; Marwa Rashed)

(source: Reuters)