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Europe Gas: Prices decline as supply concerns ease

Tuesday, 11 June 2024 | 00:00

British and Dutch wholesale gas prices declined on Monday morning as Norwegian exports to Britain ramped up after repairs to an offshore platform were completed on Friday.

The benchmark front-month contract at the Dutch TTF hub was 0.47 euro lower at 32.63 euros per megawatt hour (MWh) by 0901 GMT, while the winter 2024 contract was down 0.78 euro at 37.07 euros/MWh, LSEG data showed.

The British month-ahead contract was down 1.36 pence at 77.05 pence per therm.

Traders said supply concerns have eased after repairs at Norway’s offshore Sleipner Riser platform, which caused a major outage of gas exports to Britain, were completed on Friday.

Flows from Norway to Britain were up 22 million cubic metres (mcm) from Friday.

During the weekend, Norway’s Gassco announced some other short outages and there is an ongoing outage at Visund which is supposed to end on June 17 but the duration is uncertain.

Also on the supply side, liquefied natural gas cargo arrivals are quite scant.

In Britain, gas-for-power demand is expected to rise tomorrow due to a drop in wind speeds. Peak wind generation is forecast at 14.2 gigawatts (GW) on Monday, falling to 9.3 GW on Tuesday, Elexon data showed.

In the European carbon market, the benchmark contract CFI2Zc1 fell by 1.89 euros to 69.50 euros per metric ton.

The European Parliament took a shift to the right after a four-day election concluded on Sunday. There are concerns that a more climate-sceptical EU Parliament could attempt to add loopholes to weaken some clean energy and carbon reduction laws which are due to be reviewed in the next few years.
Source: Reuters (Reporting by Nina Chestney)

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