Prices for gas in Europe are stable despite a healthy supply
The Dutch and British wholesale prices of gas were not much different on Thursday morning due to a healthy supply.
According to LSEG, the benchmark Dutch front-month contract rose 0.17 euros to 34.30 euro per megawatt hour. The June contract, however, was 0.18 euros higher at 34.33 euro/MWh.
The British day-ahead contracts was up 0.40 penny at 84.00 cents per therm.
The total North-West Europe LNG send-out will be 2,638 gigawatt-hours per day (GWh/d), which is 60 GWh more than yesterday.
"There is a steady flow of cargoes to Europe. In particular, in Zeebrugge, the stocks are close to being full after three cargoes arrived over the weekend. Yesterday, they increased the send-out rate to 608 GWh/d and we expect that to continue through next week," said LSEG Gas analyst Saku Jussila.
After some of the Norwegian exports were rerouted yesterday to Britain, they have now reached continental Europe.
According to Masanori Odaka of Rystad, a senior analyst, the forecasts for Europe's major demand hubs point towards temperatures above average until the first week in May.
Odaka said that "Sellers of U.S.-origin LNG might consider sending their cargoes into Asia, as the economics for delivery in the Asia-Pacific area have improved." However, this could change during the long journey from the U.S. Gulf Coast around the Cape of Good Hope to Asia.
The benchmark contract on the European carbon markets fell by 0.65 euros to 66.25 euro per metric ton. Nina Chestney reports.
(source: Reuters)
