Saturday, 05 October 2024 | 12:09
SPONSORS
View by:

Prices down on profit-taking and mild weather

Wednesday, 02 October 2024 | 00:00

Dutch and British wholesale gas prices fell on Tuesday morning on profit taking after recent gains along with a comfortable storage position and forecasts of mild weather.

The benchmark front-month contract at the Dutch TTF hub was down 1.05 euros at 38.10 euros per megawatt hour (MWh), or $13 mmBtu, by 0844 GMT, LSEG data showed.

The December contract was down 0.67 euros at 38.6 euros/MWh.

In the British market, the day-ahead contract was down 1.35 pence at 91.00 pence per therm.

“As we dive into the winter delivery period, temperatures are expected to stay close to seasonal normal for the weeks ahead and we have some 94% of the gas storage capacity filled,” consultancy Auxilione said in a daily note.

It added that escalating conflict in the Middle East make for continued nervousness in the market.

Israel’s increasing frequency of attacks against the Hezbollah militia in Lebanon and the Houthi militia in Yemen have prompted fears that fighting could spin out of control and draw in Iran and the United States, Israel’s main ally.

“Any disruption to Egyptian supplies via Israel through the Arab Gas Pipeline could bring them into direct competition with Europe over spot cargoes,” said LSEG analyst Timothy Crump.

Analysts at Engie’s EnergyScan said that some financial players have probably started to take profits after several days of gains.

Total Norwegian export nominations to the continent are up 5 million cubic metres per day (mcm/d) at 230 mcm/d, LSEG data showed.

Russia’s Gazprom GAZP.MM said it will send 42.4 mcm of gas to Europe via Ukraine on Tuesday, the same as on Monday.

European storage sites are currently 94.28% full, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark EU carbon permit contract CFI2Zc1 was down 1.37 euros at 64.19 euros a metric ton.
Source: Reuters (Reporting by Marwa Rashad, Editing by David Goodman0

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping
error: Content is protected !!
×
Next article
Back to list
Previous article

Newer news items:

Older news items:

Comments
SPONSORS

NEWSLETTER