EUROPE GAS - Prices drop amid mild temperatures and solid supply
The Dutch and British wholesale prices of gas fell on Thursday morning, as temperatures were above normal for this time of the year and supplies remained stable.
LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.87 euros to 40.35 euros per Megawatt Hour (MWh), which is $12.84/mmbtu at 0915 GMT.
The Dutch December contract (which will become the front month contract on November 1) dropped 0.87 euros, to 40.75 Euros/MWh.
The British day-ahead contracts fell by 1.05 pence, to 99.45 p/therm.
In a daily report, Auxilione stated that "Temperature Forecasts for the Coming Days are Above Seasonal Normal. This has changed significantly over recent weeks."
Gas Infrastructure Europe data shows that Europe's gas storage sites are currently 95% full.
LSEG data revealed that Norwegian exports had increased by 3 million cubic metres/day (mcm), to 337 mcm/day, after the end of maintenance at Skarv.
LSEG analyst Yuriy onyshkiv stated in a daily note that the market would be watching closely for any news regarding remaining maintenance.
Onyshkiv stated that "any additions or extension to the Norwegian maintenance program as well as a colder weather forecast would easily cause gas prices to rise again."
Gas supplies from Russia via Ukraine to Europe remained stable.
Gazprom, Russia's gas company, said it will send the same amount of gas via Ukraine to Europe on Thursday as it did on Wednesday.
The benchmark contract on the European carbon markets fell 0.34 euros to 65.13 euro per metric ton.
(source: Reuters)
