European prices rangebound on stable demand, strong LNG flows
Dutch and British gas prices were slightly up on Thursday morning, trading in a narrow range, on stable demand and strong flows of liquefied natural gas (LNG).
The benchmark Dutch front-month contract at the TTF hub was up 0.35 euro at 32.18 euros per megawatt hour (MWh), or $10.99/MMBtu, by 0810 GMT, LSEG data showed. The Dutch day-ahead contract was down 0.45 euro at 32.60 euros/MWh.
The British front-month contract was 1.41 pence higher at 81.91 pence/therm.
"Our outlook for the day ahead is rangebound amid roughly stable fundamentals. Demand is almost unchanged across the prompt contract, expect for a small rise in residential demand," said LSEG analyst Yuriy Onyshkiv.
Temperatures across Northwest Europe are expected to drop by 0.7 degrees Celsius, lifting gas for heating demand by 70 gigawatt hour per day to 1994 GWh/d. Working days next week are expected to remain almost unchanged, while the weekend is forecast to have a short cold spell, LSEG data showed.
Stable wind speed keep gas for power demand sideways.
Total Norwegian export nominations are 32 million cubic meters per day lower this morning at 291 mcm/d due to maintenances at Dvalin and Oseberg gas fields.
"Given comfortable gas fundamentals in Asia and ongoing strong LNG deliveries in Europe, a significant and sustained rise above oil prices seems unlikely," analysts at Engie's EnergyScan said in a morning note.
EU gas storage sites were 83.04% full as of October 14, down from 95.01% at the same time last year, Gas Infrastructure Europe data showed.
In the European carbon market, the benchmark contract CFI2Zc1 was up 0.15 euro at 77.07 euros a metric ton.
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