Dutch prices flat on comfortable supply
UNG•Dutch front-month gas edged down €0.12 to €74.64 per megawatt hour, while European storage was around 72% full. Heating demand is forecast to rise as temperatures fall, and LNG send-out in the Netherlands and France is expected to increase.
1. Prices and storage
Benchmark Dutch wholesale gas prices were largely flat on Monday morning as supply remained comfortable, though storage levels going into winter remained a concern. European gas storage sites were around 72% full, up from around 66% at the same time last month but still well below historical averages; analysts said storage was at its lowest level in at least 15 years.
2. Demand and supply
North-west Europe heating demand is forecast to rise by 635 gigawatt hours per day at the weekend to 1,519 GWh/d as temperatures fall. Gas demand from power plants is also forecast to rise as wind output falls below normal levels. Norwegian exports were largely stable, while LNG send-out in the Netherlands and France was expected to increase from Friday, with 15 cargoes expected at north-west European terminals over the next two weeks.
