Europe Gas-Prices down on profit taking after previous gains
XLE•European carbon prices also decline
In the European carbon market, the benchmark contract CFI2Zc1 was down €0.24 at €81.78 per metric ton.
Funds remain net long in TTF contracts
In the week ending 24 July, investment funds increased their net long positions on the TTF by 18 terawatt hours (TWh) to 265 TWh, after increasing them by 65 TWh the previous week.
"Although they continued to ride the bullish momentum, maybe investment funds are thinking that prices have reached fundamentally and technically unsustainable levels, now having more downside potential than upside potential," analysts at Engie EnergyScan said.
European gas prices ease after previous gains
LONDON, July 30 (Reuters) - Benchmark Dutch and British wholesale gas prices declined on Thursday morning on some profit taking after gains the previous day as the United States retaliated to Iranian strikes.
The benchmark Dutch front-month contract at the TTF hub TFMBMc1 was down €0.93 to €59.50 euros per megawatt hour (MWh) by 0845 GMT, ICE data showed.
The British front-month contract NGLNMc1 was down 2.58 pence at 143.85 pence per therm.
Geopolitical tensions support the move in gas markets
Dutch prices rose by over 5% yesterday afternoon. On Thursday, the U.S. military said it struck dozens of Islamic Revolutionary Guard targets in Iran, including military command centres and drone facilities, in a two-hour operation launched after Tehran fired ballistic missiles at U.S. forces in the Middle East.
Added to that, a drone caused a fire on two ships at Damietta port on Wednesday, initial investigations showed, Egypt's cabinet said on Thursday.
