Dutch and British wholesale gas prices rose slightly on Monday morning on higher demand and lower send-out from liquefied natural gas (LNG) terminals.
The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) inched up by 0.27 euros to 32.35 euros per megawatt hour (MWh) by 0827 GMT, LSEG data showed.
The November contract was up 0.28 euro at 33.18 euros/MWh.
The British contract for October delivery (TRGBNBPMV5) rose by 1.01 pence to 79.51 pence per therm.
North-west Europe demand is forecast to rise slightly due to lower temperatures and weaker wind output. UK gas demand is also forecast to rise as wind speeds will be below normal until the middle of the week.
LNG send-out is expected to decline by 237 gigawatt hours per day (GWh/d) to 2,117 GWh/d, with a further 56 GWh/d fall tomorrow, LSEG data showed.
The BBL pipeline between Britain and Belgium is undergoing maintenance until September 11 and UK imports to Europe are almost 80 GWh/d lower than Friday.
Russian attacks on Ukrainian energy infrastructure continue. On Monday, Ukraine’s energy ministry said Russian forces attacked a thermal power generation facility in the Kyiv region.
“In the short term, the market rather sees risks, fuelled in particular by ongoing Russian attacks on Ukrainian energy infrastructure,” said analysts at Engie EnergyScan.
U.S. President Donald Trump said on Sunday he is ready to move to a second phase of sanctioning Russia, the closest he has come to suggesting he is on the verge of ramping up sanctions against Moscow or its oil buyers over the war in Ukraine.
The European Union’s preparation of its 19th package of sanctions against Russia is being closely coordinated with the United States, EU Council President Antonio Costa said on Monday.
In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.39 euro at 75.65 euros per metric ton.
Source: Reuters