Prices for EUROPE-GAS are little changed due to weak demand and Norwegian outages
The wholesale gas prices in the Netherlands and Britain were not much different on Friday morning, as maintenance hit supply in Norway was countered by a sluggish market.
LSEG data shows that the benchmark Dutch front-month contract was lower by 0.25 euros, or 10.75 cents per mmBtu at 31.45 Euros per megawatt hour at TTF hub, as of 0822 GMT.
The Dutch day-ahead contracts was down 0.05euros at 31.96euros/MWh.
The British gas front-month price has dropped by 0.92 pence, to 77.3 pence a therm.
Auxilione, a consultancy, said that the Norwegian gas production continued to fall due to planned maintenance before winter. However, this was offset by a strong supply of liquefied gas (LNG) and wind energy generation.
LSEG data shows that the total Norwegian exports have decreased by 12 million cubic meters per day since Thursday due to increased maintenance at the Troll field.
Elexon data indicated that peak British wind power generation would be 11.3 gigawatts Friday, rising to 17.9 GW Saturday. The market was impacted by the news that a tanker containing LNG from Russia’s Arctic LNG 2 plant had moored on a southern China import terminal on Thursday. It is possible that if China purchases more gas from Russia it will need less LNG from alternative sources.
In a recent market note, Engie EnergyScan analysts stated that "China does not need any additional spot LNG volumes" and therefore this was a test to see how far the United States would go with its sanctions.
The benchmark contract on the European carbon markets was up by 0.05 euros, at 71.76 euro per metric ton. (Reporting and editing by David Goodman.)
(source: Reuters)
