Europe gas: Prices little changed on healthy supply
Dutch and British wholesale gas prices were little changed on Thursday morning on healthy supply.
The benchmark Dutch front-month contract edged up €0.17 to €34.30 per megawatt hour (MWh), while the June contract was €0.18 higher at €34.33 euros/MWh, according to LSEG data.
The British day-ahead contract was up 0.40 pence at 84.00 pence per therm.
Total northwest Europe liquefied natural gas (LNG) send-out is expected to be 2,638 gigawatt hours per day (GWh/d), 60 GWh higher than yesterday.
"There are a lot of cargoes continue arriving to Europe, and especially in Zeebrugge the stock levels are getting close to capacity with three cargos arriving over the weekend. They ramped up send-out to 608 GWh/d yesterday and we expect this to continue throughout next week," said LSEG gas analyst Saku Jussila.
Norwegian pipeline export flows have also inched up to continental Europe after some being re-routed to Britain yesterday.
Forecasts for major demand hubs in Europe point to above-average temperatures until the first week of May, said Masanori Odaka, senior analyst at Rystad Energy.
"Sellers with U.S.-origin LNG may consider sending their cargoes to Asia as economics have improved for delivery to the Asia-Pacific region, though this is subject to change during the long voyage from U.S. Gulf Coast to Asia around the Cape of Good Hope route," Odaka added.
In the European carbon market, the benchmark contract edged down by €0.65 to €66.25 per tonne.
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