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Europe Gas: Prices fall on higher Norwegian exports, warmer temperatures

Tuesday, 03 October 2023 | 00:00

Dutch and British wholesale gas prices fell on Monday morning as increased supply from Norway, unseasonably warm temperatures and high gas storage levels weighed on the market.

The Dutch November contract was down by 1.90 euros to 40.50 euros per megawatt hour (MWh) by 0846 GMT, while the day-ahead contract was 1.55 euros lower at 35.85 euros/MWh, according to LSEG data.

In the British market, the day-ahead contract TRGBNBPWKD was down by 6.5 pence at 90.00 p/therm and the November contract was 2.65 pence lower at 103.00 p/therm.

“We start to prepare for winter delivery with a healthy gas storage balance, Norwegian fields all appearing now to behave after returning from lengthy planned maintenance and LNG deliveries starting to tick up,” analysts at consultancy Auxilione said.

LSEG gas data showed piped exports from Norway nominated at 275 million cubic metres (mcm) on Monday, up 20 mcm from the previous day.

Europe’s gas storage sites were 95.4% full latest data from Gas Infrastructure Europe showed.

Temperatures remain milder than usual for the time of year.

“Temperature forecasts for next week have been revised colder over the weekend but stay above seasonal norms for the coming two weeks, keeping a lid on heating demand across Europe,” analysts at Engie EnergyScan said.

In the European carbon market, the benchmark contract CFI2Zc1 inched down by 0.31 euro to 81.34 euros a tonne.
Source: Reuters (Reporting By Susanna Twidale; editing by Nina Chestney)

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