Prices for gas in Europe are mixed due to lower Norwegian supplies and high inventories
The wholesale prices of the Netherlands and Britain were mixed Thursday morning, as maintenance in Norway curtailed supply but high levels of storage weighed on market.
LSEG data shows that the benchmark front-month contract for the Dutch TTF hub was down 0.07 euros at 39.43 Euro per megawatt hour (12.54/mmbtu) at 0818 GMT.
The front-month contract in the British market gained 0.84 pence to 98.64 pence a therm.
The British day-ahead contracts fell 0.63 pence to 94.50 per therm.
The TTF price range was very narrow yesterday and is still so this morning. The current market position is one of wait and see, according to Engie EnergyScan analysts in their daily market report.
LSEG data indicated that the total Norwegian exports will be down by 17 million cubic meters (mcm), to 309 mcm, due to maintenance.
Analysts at LSEG said that this increase is likely to be offset with an increased send-out from liquefied gas terminals (LNG).
If the maintenance is completed today, as per (the market message), then the flow should return by tomorrow. The French LNG export has increased to compensate for the lost Norwegian supply. It is expected to remain above 1,000 gigawatt-hours/day, according to LSEG analyst Saku Jussila.
Gas Infrastructure Europe data shows that Europe's gas storage tanks are 95% full.
Auxilione, a consultancy, said that "EU Gas Storage appears to have reached its limits as it struggles to report values above the 95% mark."
The benchmark contract on the European carbon markets increased by 0.30 euros to 63.33 euro per metric ton.
(source: Reuters)
