EUROPE GAS-Prices fall on higher Russian and LNG flows and warmer weather

LONDON, Feb 1 (Reuters) - British and Dutch gas prices fell
on Tuesday on higher flows from Russia, strong liquefied natural
gas (LNG) supply and with forecasts for warmer weather expected
to curb demand.

The British day-ahead gas price was down 11.00
pence at 180.00 pence per therm by 0948 GMT. The Dutch
equivalent day-ahead contract was down by 9.60 euros
at 75.00 euros per megawatt hour (MWh).

“The downward correction continues this morning at EU gas
hubs with a jump in pipe imports from Russia adding bearish
pressure on top of mild and windy weather, a strong LNG influx
and steady Norwegian production,” analysts at Engie EnergyScan
said in a daily note.

Capacity nominations for supply to Slovakia from Ukraine via
the Velke Kapusany border point, a major route for Russian gas
deliveries to Europe, rose on Tuesday to their highest point so
far in 2022.

Nominations were seen at 847,878 MWh, up from 513,897 MWh on
Monday and around levels recorded at the end of December.

“Warmer-than-normal weather in the UK and north-west Europe
is expected to last until Thursday then drop sharply towards
normal over the weekend before restoring next week,” analysts at
Refinitiv said in a daily research note.

Traders said strong LNG send-out had also had a bearish
impact on prices.

Flows from Britain’s LNG terminals were expected at 87
million cubic metres/day on Tuesday, up 10 mcm/d on Monday’s
levels, Refinitiv Eikon data showed.

The Dutch contract for March was down 9.55
euros at 74.45 euros/MWh.

The European carbon market benchmark December 2022
contract was down 1.61 euros at 87.62 euros/tonne.
(Reporting By Susanna Twidale; editing by Nina Chestney)