Europe gas prices decline as market shrugs off US pressure on Iran
UNG•Carbon prices rise
In the European carbon market, the benchmark contract CFI2Zc1 was up €0.46 at €84.26 per metric ton.
Demand and storage outlook remain in focus
On the demand side, gas-for-power demand is forecast to be weaker to the weekend due to increased wind generation and solar at above normal levels apart from on August 28, LSEG data showed.
Supply is steady, except for a slight decrease in Norwegian exports to Britain.
EU storage is at 63% full, below the five-year average of 80% and last year's 76%.
"At the current rate, it will be difficult for the EU to hit even the lower storage target of 75% ahead of the heating season. This raises the prospects of forced buying, increasing upside risk for gas prices," said analysts at ING.
Gas prices ease after sanctions announcement
LONDON, Aug 25 (Reuters) - Benchmark Dutch and British wholesale gas prices declined on Tuesday morning as the market shrugged off the United States' push for tighter economic pressure on Iran.
The benchmark Dutch front-month contract at the TTF hub TFMBMc1 edged down by €0.58 to €67.74 euros per megawatt hour (MWh) by 0716 GMT, having reached an intra-day high of €68.895 earlier in the session, ICE data showed.
The British front-month contract NGLNMc1 fell by 2.54 pence to 165.66 pence per therm.
On Monday, prices had risen to the highest since March as the market waited for news of fresh U.S. sanctions against Iran.
The United States on Monday unveiled an expansion of sanctions that it said would cut off Iran's economic lifeline but stopped short of the most punishing measures, instead putting the world on notice to cease doing business with the Islamic Republic.
