Dutch wholesale gas prices eased on Monday after hitting their highest since March last week as demand softened and traders booked profits in subdued activity with markets in Britain closed for a public holiday. In the Dutch market, the September TTF contract was down 6 euros at 300 euros per megawatt hour (MWh) by 0940 GMT, Refinitiv data showed.
The contract for October delivery traded 37.5 euros, or around 10%, lower at 309 euros/MWh, while the contract for the fourth quarter was also down 35.4 euros at 313.3 euros/MWh, according to trades on the Intercontinental Exchange (ICE). “We are still getting loads of LNG, gas through pipes, storage is full across many countries, or close to, and demand is dropping as sky high prices make no sense,” a European gas trader said.
European gas storage was 79.4% https://tmsnrt.rs/3JPbVvW full, comfortably on track to meet a target of 80% by November 1. “The closer we get to the total filling of gas stocks, the more the bullish momentum will be challenged,” said analysts at Engie’s EnergyScan.
Russian Gas flows via the Nord Stream 1 pipeline from Russia rose on Monday while Eastbound flows through the Yamal-Europe pipeline to Poland from Germany declined from the previous day, data showed. Gazprom will halt natural gas supplies to Europe via Nord Stream 1 for three days from Aug. 31 to Sep. 2 for maintenance, with market players concerned flows might not resume.
“The curve is being pushed up by some traders hoping for no gas flows via Nord Stream 1 after the maintenance and hedgers around that. It’s being pushed up for now although it’s running out of steam,” the gas trader said. German Economy Minister Robert Habeck said on Monday he expects gas prices to fall soon as Germany is making progress on its storage targets and won’t have to pay the high asking prices currently commanding the market.
In the European carbon market, the benchmark contract was down 0.79 euros at 89.52 euros a tonne.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
