Europe Gas: Prices mixed on cooler weather and strong LNG arrivals

Electricite de France SA

18/04/2023 10:19

LONDON, April 18 (Reuters) - British and Dutch wholesale
gas prices were mixed on Tuesday as strong arrivals of liquefied
natural gas (LNG) reduced the impact of cooler weather forecast
for this week and next. 
    The benchmark Dutch May price  TRNLTTFMc1  was up 0.28 euros
 at 41.43 euros per megawatt hour (MWh) by 0858 GMT, Refinitiv
Eikon data showed. 
    The British within-day contract  TRGBNBPWKD  was down 2.5
pence at 97 pence per therm and the day-ahead price  TRGBNBPD1 
fell 2.5 pence to 97.5 pence/therm, the data showed. 
    "Next week we have a bit colder weather, so prices won't go
lower yet," one European gas trader said, adding that demand is
being bolstered by prices below the level that would prompt a
switch to coal.
    "This is offsetting a bit of the bearishness from LNG
arrivals and fact that Asia is not competing with us yet," he
said.
    The return of supply from France's LNG terminal after a
lengthy strike remains a bearish factor for the market.
    Norway's gas infrastructure maintenance has been cancelled
at Kollsnes and Troll because of industrial action.
    In Britain, the gas system was oversupplied by 11.8 million
cubic meters (mcm) on Tuesday, National Gas data showed.    
    Peak wind power generation is forecast at 11.6 GW on Tuesday
and 12.1 GW on Wednesday, out of a total metered capacity of 22
GW, Elexon data shows.
    Higher wind power generation generally reduces demand for
gas to generate electricity.
    European gas storage sites were 56.6% full as injections
begin to replenish supplies for next winter, data from Gas
Infrastructure Europe shows.
    In the European carbon market, the benchmark contract
 CFI2Zc1  was almost flat at 93.10 euros a tonne.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
How much of Europe’s gas storage is filled     https://tmsnrt.rs/3JPbVvW
Russian gas volumes to Europe    https://tmsnrt.rs/3dMnW9G
British and Dutch gas prices    https://tmsnrt.rs/3WLENLe
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Marwa Rashad
Editing by David Goodman)
 ((marwa.rashad@thomsonreuters.com; +447823669044; Reuters
Messaging: marwa.rashad.thomsonreuters.com@reuters.net))