The price of gas in Europe is rising due to the forecasted lower temperatures for the weekend
LONDON, 7 January - Dutch wholesale gas prices and British wholesale gasoline prices rose Wednesday morning due to colder weather forecasts for the weekend and next weeks.
LSEG data shows that the benchmark Dutch front-month 'contract at TTF hub increased?0.78 euro to 28.80 euros per Megawatt Hour (MWh) at 0901 GMT.
The Dutch contract for the month of March increased by 0.74 Euros to 28.51 Euros/MWh.
The British gas day-ahead price has increased by 2.08 pence, to?77.80 per therm.
According to LSEG, temperatures will rise in the north-west Europe region and Britain over the next few days but then fall again at the weekend and over next week.
The local distribution zone demand for heating is expected to fall by 447 "gigawatt-hours per day" (GWh/d), on the day ahead in North-West Europe, but to rise by 221 GWh/d, to 5,436 and 5,728 respectively, for the weekend and the working days of next week.
The demand for power is expected to fall in the days ahead and then increase for the weekend and the next week.
The supply of liquefied gas from Norway and the United States is good. Over the last two days, LNG exports in Britain have risen above 100 million cubic meters per day.
Prices fell on Monday as investors took profits and then rose on Tuesday when some funds began to purchase.
Analysts at Engie EnergyScan said that now that prices are nearing their "daily technical heights", they may decide to begin selling.
The benchmark contract on the European carbon markets increased by 0.20 euros to 88.30 euro per metric ton. Nina Chestney reports.
(source: Reuters)
