EUROPE GAS-Prices rise on colder temperatures, low wind
British and Dutch wholesale gas prices rose on Wednesday amid colder weather forecasts and low wind, amid high Asian coal prices.
* The British wholesale gas contract for immediate delivery was up 9.00 pence at 2.15 pounds/therm by 0917 GMT.
* The November gas price at the Dutch TTF hub, a European benchmark, was up 3.75 euros at 91.40 euros/megawatt hour (MWh)
* Dutch wholesale gas for December delivery was up 3.75 euros at 91.90 euros/MWh.
* Average temperatures in Northwest Europe are forecast to be below seasonal norms this week, Refinitiv analysts said.
* Wind power in Britain is lower than the seasonal norm, forecast at 5.8 gigawatts (GW) on Wednesday, but is forecast to rise to 11.8 GW on Thursday, Elexon data showed.
* Analysts at Engie EnergyScan said coal prices in Asia are higher, lending support to gas prices.
* “TTF November 2021 prices are up this morning reaching the level of the 20-day high. This latter should set a resistance. But it is not excluded that prices break this resistance and jump to the 5-day high.” the report added.
* Citi has raised its price forecast for European and Asian benchmark natural gas prices, analysts from the bank said in a note issued late on Tuesday.
* Russia said gas supplies to Europe had increased to their maximum possible levels, but market players were still uncertain about low stocks across Europe.
* Russia’s Kremlin on Wednesday said gas giant Gazprom was sticking to its contractual obligations and that gas supplies to Europe had increased to their maximum possible levels.
* The benchmark Dec-21 EU carbon contract was up 0.91 euro at 59.84 euros per tonne.
* The benchmark Dec-21 British carbon contract was up 1.35 pounds at 66.00 pounds/tonne.
Source: Reuters Reporting by Marwa Rashad; Editing by Nina Chestney