EUROPE GAS-Prices edge lower amid strong supply
The Dutch and British gas wholesale prices fell on Wednesday morning, despite a stable supply. Profit-taking and escalating Middle East tensions also contributed to the decline.
LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.38 euros at 39.0 euros per megawatt (MWh) or $12.66 mmBtu at 0842 GMT.
The contract for the day-ahead was down by 0.10 euros at 38.78 euro/MWh.
The day-ahead contract in the British market was 1.5 pence less at 93.00 cents per therm.
In a daily report, Auxilione stated that "Geopolitical Concerns remain a High Worry for the Markets despite the Fundamentals of the Energy Complex looking quite Strong."
LSEG data show that Norwegian exports to Europe remained constant at 225 millions cubic metres per day. Meanwhile, gas supplies from Russia via Ukraine to Europe continued.
Gazprom, a Russian company, said that it will send the same amount of gas via Ukraine to Europe on Wednesday as it did on Tuesday.
Engie EnergyScan stated that "the European gas balance is comfortable in general and does not warrant an additional sharp rise in price."
Gas Infrastructure Europe data shows that Europe's storage levels of gas remain high. Gas storage sites are 94.47% full.
The benchmark EU carbon permit contract fell by 0.03 euros to 63.58 euro per metric tonne.
(source: Reuters)
