Prices of EUROPE Gases fall amid warmer and windier weather
The Dutch and British wholesale gas price fell on Wednesday morning, as the temperatures grew warmer and wind production increased.
By 0925 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen 0.70 euros to 46.20 euro per megawatt hour or MWh (or $14.23/mmbtu).
The Dutch day-ahead contract fell 0.60 euros, to 46.00 Euros/MWh.
The front-month contract in Britain fell by 1.80 penny to 115.87 pence per therm.
In a daily research report, LSEG analyst Ulrich Weber stated that "Multiple factors point in a bearish way: warmer and windier weather forecast revisions and solid nominations by French (LNG terminals) for November are more direct fundamental drivers."
Weber stated that the average temperature in North-West Europe is around 2 degrees Celsius higher than seasonal norms.
Elexon data shows that peak wind power is expected to be 8.1 gigawatts on Wednesday and 12.6 GW by Thursday.
Gazprom's internal planning for 2025 assumes that after December 31, no gas will be sent to Europe via Ukraine.
The market has already accepted this, as the current agreement expires in December. While Russia is keen to extend the deal, Ukraine has stated that they do not intend to do so for some time," said Auxilione in a market note.
Gazprom, the Russian gas company, said that it will send 42.44 million cubic meters (mcm), a volume similar to recent days.
The benchmark contract on the European carbon markets was down by 1.1 euros at 68.13 euro per metric ton.
(source: Reuters)
