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EUROPE GAS-Dutch prices rise as gas storage filling slows

Dutch wholesale gas prices rose on Wednesday morning, with analysts highlighting concerns over slowing European gas storage injections amid curbed Russian gas supplies.

The benchmark Dutch wholesale gas contract for July delivery was up 6 euros to 135.25 euros per megawatt hour (MWh) by 0928 GMT, while the August contract gained 6.85 euros to 136.25 euros/MWh.

Prices were rebounding after a drop on Tuesday, said analysts at Engie EnergyScan, citing growing concern over European storage injections in recent days.

European gas storage continues to show daily net injections and were last seen at 57.31% full. However, they are now following the trajectory of the 5-year average after previously rising faster.

Russian gas flows through the Nord Stream 1 pipeline remain curtailed to just 40% of capacity and will be completely cut off on July 11-21 for planned annual maintenance.

In addition, deliveries of liquefied natural gas (LNG) could slow amid disruptions at facilities in the United States and Australia.

“For the first time since January 2022, total supply figures remain below the long-term mean, which isn’t an encouraging development given that supply is still critical at this time of year right prior the heart of summer,” broker Marex said in a research note on TTF natural gas fundamentals.

Meanwhile, the British within-day contract was flat at 165 pence per therm, while the day-ahead contract was 6 pence higher at 176 p/therm.

The UK gas system opened almost 7 million cubic metres oversupplied, but was last seen largely balanced, National Grid data showed.
Peak wind power generation will drop to 3.1 GW on Thursday from 10.1 gigawatt (GW) today, out of total metered capacity of nearly 20 GW, Elexon data showed.

In the European carbon market, the benchmark contract was up 1.23 euros to 88.63 euros a tonne.
Source: Reuters (Reporting by Nora Buli in Oslo; editing by Jason Neely)

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