EUROPE GAS-Prices gain as Middle East ship attacks dash hopes for more LNG supply
XLE•Norwegian exports and carbon prices
Total Norwegian exports are nominated at 326 million cubic metres (mcm) per day, 10 mcm higher compared to Tuesday.
In the European carbon market, the benchmark contract inched lower by €0.14 to €82.30 per metric ton.
European gas prices rise on Middle East shipping risk
OSLO, Aug. 12 (Reuters) - Benchmark Dutch and British wholesale gas prices rose on Wednesday morning as new attacks on ships in the Middle East curbed expectations for a peace deal between the United States and Iran and the resumption of liquefied natural gas (LNG) supply via the Strait of Hormuz.
The benchmark Dutch front-month contract at the TTF hub rose by €1.84 to €60.58 euros per megawatt hour (MWh) by 0814 GMT, ICE data showed.
The British front-month contract rose by 4.38 pence to 148.60 pence per therm.
LNG imports and storage filling remain under pressure
Fresh attacks on shipping in the Gulf of Oman and the entrance to the Red Sea have dimmed prospects for ending the Iran war, with Tehran saying the Strait of Hormuz will remain closed unless Washington accepts its conditions.
"Fresh attacks on shipping, an Iran-war impasse and a Strait of Hormuz still closed keep LNG supply at risk," said LSEG gas analyst Dzmitry Dauhalevich.
Europe’s LNG imports have been falling since April on the disruptions in the Middle East, hampering efforts to refill gas storages sites this summer, said Daniel Hynes, senior commodity strategist at ANZ.
EU gas stocks are 59.4% full – the lowest for this time of year in records going back to 2011 and 12.6 percentage points behind last year’s level, data from Gas Infrastructure Europe shows.
