Prices of gas in Europe are fluctuating due to a strong supply and milder temperatures.
Dutch and British wholesale gasoline prices traded in a narrow band on Friday morning, as forecasts of milder weather and strong supply were expected to increase inventories.
LSEG data shows that the benchmark Dutch front-month contract was up 0.20 euros at 31.50 Euro per megawatt hour at TTF hub, or $10.83/mmBtu at 0914 GMT.
The Dutch day-ahead contracts was up by 0.33 euros at 31.13 Euro/MWh.
The British November gas prices increased by 0.66 pence to 80.50 pence a therm.
The temperatures in Northwest Europe will rise this weekend. On Sunday, the temperature is expected to be 2.1 degrees Celsius higher than average.
LSEG data shows that the wind power generation forecast is also positive, with conditions expected to be windy from this weekend through next Tuesday.
After maintenance work on Troll's Gas Fields ended, the total Norwegian export nominatons rose by 14 million cubic meters per day (mcm/d) to 324 mcm/d.
Analysts at Northern Gas and Power wrote in a morning report that "EU winter storage levels are now 82.57% down from last year's level, but on track to reach the 90% target by December 1st 2025."
Gassco, the operator of the Norwegian Gas Transport System, expects their gas delivery levels to stay high this winter following a successful maintenance phase, reducing risk of an supply shock in Europe or sharp withdrawals from the continent's existing storage levels," added they.
The benchmark contract on the European carbon markets was up 1.52 euros at 78.95 euro per metric ton. (Reporting by Marwa Rashed; Editing and formatting by Kate Mayberry).
(source: Reuters)
