EUROPE GAS-Prices stable amid mildly warmer temperatures and high inventories
The Dutch and British wholesale price were not much different on Tuesday morning despite temperatures above normal for this time of the year and high levels of storage.
LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.13 euros at 42.50 Euro per megawatt hour, or $13.48/mmbtu by 1007 GMT.
The front-month contract on the British market fell 0.53 pence, to 106.88 cents per therm.
The British day-ahead contracts rose 0.45 pence to 107.15p/therm.
In a daily note, LSEG analyst Yuriy Onyshkiv stated that the "almost flat demand forecast" due to unchanged weather conditions and the absence of new Norwegian maintenance works should give more confidence to a somewhat overheated TTF industry.
After falling on Monday, prices had stabilized the previous session as the market reduced its Middle East premium following Israel's weekend retaliation attack against Iran.
The short-term market continues to be under pressure from the temperatures, which are 1-2C higher than average. Analysts at Northern Gas and Power stated that light winds and several outages of nuclear power plants make it necessary to have a large number of gas-fired stations operating.
The peak wind generation in Britain was predicted to be 5 gigawatts for Tuesday, and 5.7 GW on Wednesday.
Gas Infrastructure Europe data shows that Europe's gas storage tanks are 95.3% full.
The benchmark contract on the European carbon markets increased by 0.63 euros to 67.05 euro per metric ton.
(source: Reuters)
