Watch the latest episode of focusIR Fireside Chats: Why Edinburgh Investment Trust Is Backing Turnaround Stocks for 2026 Growth. View here

Less Ads, More Data, More Tools Register for FREE

Prices little changed on easing supply concerns

Fri, 21st Jun 2024 09:05

LONDON, June 21 (Reuters) - Dutch and British wholesale gas prices were little changed on Firday morning amid quiet trading and as concerns eased around remaining Russian pipeline gas supply to Europe.

The benchmark front-month contract at the Dutch TTF hub

inched up by 0.04 euro to 34.50 euros per megawatt
hour by 0759 GMT, LSEG data showed.
In the British market, the front-month contract
eased by 0.04 pence to 80.35 pence per therm.

"(Market) drivers aren't strong today but there will be eyes on the Visund outage and possibly another extension," a gas
trader said.

An unplanned outage at Norway's Dvalin field was announced overnight which has a limited 3 million cubic metre (mcm)
impact, while an outage at the Visund field with a 15 mcm/day
impact was extended yesterday to June 25.

Chevron said on Friday that restart activities at the Wheatstone gas facility are ongoing. Production was suspended
last week to complete repairs on the platform's fuel system.

Immediate concerns over remaining Russian gas supply to Europe through the Ukraine transit route have eased as more than
40 mcm of gas was booked to transit Ukraine for Friday – in line
with usual levels.

"There have been concerns that recent court rulings in Europe would mean payments to Gazprom from the remaining buyers
of Russian gas in Europe could be blocked, and these funds
seized to compensate for damages awarded to the likes of Uniper
for Gazprom’s failure to deliver gas," said analysts at ING.

Temperatures in Britain are forecast several degrees above normal over the coming week, while temperatures in north-west
Europe are expected to be lower for the next two days, close to
normal average levels. Wind power generation is fairly strong,
dampening gas-for-power demand.

In the European carbon market, the benchmark contract inched up by 0.06 euro to 69.28 euros per metric ton.

(Reporting by Nina Chestney)

Related News

Princess Kate scales Britain's highest peaks to raise money for cancer charity
1 hour ago

Princess Kate scales Britain's highest peaks to raise money for cancer charity

LONDON, June 28 (Reuters) - Kate, the Princess of ​Wales, said on ⁠Sunday she had scaled the ​three highest peaks in Britain in 24 hours to raise mone...

Iran FM warns any challenge to Hormuz strait will "increase tensions"
10 hours ago

Iran FM warns any challenge to Hormuz strait will "increase tensions"

(Alliance News) - Iran's foreign minister warned on Sunday that any challenge to the country's control of the strategic Strait of Hormuz would increas...

Iran says determined to defend sovereignty against US aggression
10 hours ago

Iran says determined to defend sovereignty against US aggression

(Alliance News) - Iran said on Sunday it was determined to defend its sovereignty after the latest US strikes on the country, as a fragile truce in th...