Europe gas: Prices rise on tighter supply
Dutch and British wholesale gas prices rose on Tuesday morning due to maintenance outages and tight supply.
The benchmark Dutch front-month contract was up €0.99 at €36.19 per megawatt hour (MWh) by 0830 GMT, LSEG data showed.
The British contract for June rose by 2.20 pence to 86.61 pence per therm.
Both British and Dutch prices are expected to be bullish, supported by tight supply, ongoing maintenance risks and a colder weather outlook, said LSEG gas analyst Oleh Skrynyk.
Norwegian flows to Britain have fallen by 23 MMm3 to 41 MMm3d due to some re-routing of flows to France, LSEG data showed.
Maintenance outages at Norwegian gas fields and processing plants are also scheduled for May 21–22 which is also adding to bullishness.
While Norwegian flows to continental Europe are up, LNG send-out is expected to fall.
In northwest Europe, average temperatures are expected to fall from 15.8°C today to 11.2°C by the end of the week, before rising again next week.
Wind power generation is expected to remain stronger than normal until early next week
Russian President Vladimir Putin, after a call with U.S. President Donald Trump on Monday, said that Moscow was ready to work with Ukraine on a memorandum about a future peace accord and that efforts to end the war in Ukraine were on the right track.
In the European carbon market, the benchmark contract CFI2Zc1 was up €1.33 at €71.75 per metric ton.
Related News
Related News
- U.S. ethane exports to China hit new roadblock with license requirement
- Australia clears Woodside to run North West Shelf LNG plant to 2070
- Egypt agrees to buy up to 160 LNG cargoes through 2026
- Shell to add up to 12 MMt of additional LNG capacity by 2030
- Woodfibre LNG sets new benchmark as world’s first net-zero LNG export facility
Comments