Prices for gas in Europe are lower due to a reduced demand and stockbuild
The wholesale gas prices in both the Netherlands and Britain fell on Thursday morning, amid a stable supply and low power demand. Gas storage was also continuing.
LSEG data shows that the benchmark Dutch front-month contract was 32.97 euros per Megawatt Hour (MWh), or $11.35/mmBtu at 0841 GMT. This is a decrease of 0.23 Euro.
Earlier trades saw the contract as low as 32.82 Euros/MWh - a level that was last seen on 28th July.
The Dutch October contract is down 0.47 euros at 33.53 Euro/MWh.
The British gas front-month price fell by 0.25 pence to 81.65 pence a therm.
The Dutch day-ahead contracts traded at 32.30 euro/MWh and the British counterpart was at 78.25 pence/therm, both down 0.55 pence.
Karsten Sander-Nielsen, Mind Energy's senior analyst, said that despite the fact that temperatures are expected to increase by the end of this week, Europe has been filling its gas storages.
Gas Infrastructure Europe has released the latest figures showing that Europe's storage sites for gas are 70,35% full.
Nielsen stated that while this was still lower than the same period last year, there had been a significant improvement in just a month.
SEFE, a German gas company, announced on Wednesday that it has allocated the full volume of working gas it offered in an auction to its Rehden facility located in northern Germany.
Gassco, the infrastructure operator, reported that supplies of natural gas from Norway were stable at 341 million cubic meters (mcm), per day, on Thursday.
The Ukrainian gas transmission operator confirmed that gas continues to flow through Orlovka Interconnector, which was also attacked on Wednesday by Russian drones.
The benchmark carbon contract in Europe was down by 0.23 euros at 70.76 euro per metric ton. Nora Buli, reporting from Oslo; Nina Chestney, editing)
(source: Reuters)
