Europe gas prices rise on cooler temperatures, lower Norwegian supply
UNG•UNG•UNG•UNG•Dutch and British front-month gas prices rose as cooler forecasts lifted demand and outages reduced Norwegian supply. The Dutch contract gained €3.558 to €90.21 per megawatt hour, while the British contract rose 9.46 pence to 225.5 pence per therm.
Dutch and British gas prices rose on Thursday morning as cooler temperature forecasts lifted demand. The Dutch front-month contract gained €3.558 to €90.21 per megawatt hour, while the British front-month contract rose 9.46 pence to 225.5 pence per therm. Day-ahead local distribution zone demand was forecast to be 185 gigawatt hours per day higher, with temperatures forecast at 6.2 degrees Celsius, 1.6 degrees lower than previously expected.
Norwegian gas flows fell to 322 million cubic metres per day from 331 million the previous day. The impact of an outage at Norway’s Troll gas field increased on Wednesday, and its duration was uncertain, operator Gassco said. Middle East tensions also continued to support prices as energy shipments through the Strait of Hormuz were curtailed.
