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EUROPE GAS-Prices mixed, bullish outlook remains

Wed, 24th Nov 2021 11:05

LONDON, Nov 24 (Reuters) - European and British wholesale
gas prices were mixed on Wednesday and little changed from the
previous day, but bullish sentiment remains in the market on
concerns over supply and rising demand for heating as cold
weather hits Europe.

* The British within-day gas contract was up
6.5
pence at 2.28 pounds per therm by 1059 GMT, with the day-ahead
contract down 1.0 pence at 2.28 pounds per therm.

* The Dutch day-ahead gas contract shed 0.02
euros to
trade at 91.23 euros per megawatt hour (MWh)

* The benchmark Dutch front-month contract rose
0.20
euros at 91.10 euros/MWh.

* "(The) Market is still tight and fundamentals remain
unchanged,
slow Russian supply and cold weather (are) dominating price
movement," a gas trader said.

* Temperatures across Europe are below normal and are
expected to
remain lower through next week, boosting demand for heating.

* "Continued withdrawals from already weak storages only add
to
market concerns and tightness amidst slower Russian deliveries,"
the trader added.

* Russian natural gas flows to Germany through the
Yamal-Europe
pipeline were broadly steady on Wednesday morning, data from
German network operator Cascade showed, amid gas prices rising
on the previous day.

* From a fundamental perspective, the UK system was around
13
million cubic metres oversupplied on Wednesday, National Grid
data showed.

* In other markets, the European benchmark December 2021 EUA
contract traded down 0.10 euros at 69.10 euros per
tonne. It hit an all-time high of 71.21 euros/tonne on Monday.
(Reporting by Marwa Rashad; Editing by Susanna Twidale)

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