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Europe Gas Prices rise on LNG, pipeline supply concerns

16 Ιουνίου 2022.

lng39British and Dutch wholesale gas rose on Wednesday morning as an extended outage at the Freeport liquefied natural gas (LNG) plant and the curtailment of supplies via the Russian Nord Stream 1 pipeline re-ignited supply concerns.

The Dutch front-month contract was up 4.10 euros at 101 euros per megawatt hour (MWh) by 0855 GMT, its highest level since mid-May. The contract for winter 2022 rose 2.33 euros to 105.30 euros/Mwh.

“This was chiefly due to Gazprom’s announcement that gas shipments via the Nord Stream 1 pipeline will be slashed by 40% to just 100 million cubic metres per day because a turbine for a compressor station, which had been sent to Canada to undergo maintenance, has not yet been returned because of the sanctions,” analysts at Commerzbank said in a note.

“This threatens to undermine the very solid replenishment of stocks that has been seen of late. At a good 52%, storage facilities in the EU were almost back at their usual filling level recently.

Physical flows to Germany through the Nord Stream 1 pipeline dipped below 40,000,000 kilowatt hours per hour (kWh/h) on Tuesday, but were seen higher at 44,888,472 kWh/h on Wednesday morning.

Gas storage sites in the European Union were 52.63% full, data from Gas Infrastructure Europe showed, but Europe faces a perilous winter even with full storage, analysts warned.

Supply concerns are further compounded by an outage extension at Freeport LNG, one of the largest U.S. operators of liquefied natural gas export terminals, which would remove 40 cargoes.

“Especially the LNG news is clearly bullish for the balance of summer as well as winter,” a trader said.

In the British market, the gas contract for within-day delivery rose by 10.00 pence to 180.00 pence per therm and the day-ahead contract jumped by 14 pence to 180 p/therm, setting a two-month high for both contracts.

The UK gas system was slightly under-supplied despite a rise in Norwegian gas flow, while gas-for-power demand was higher amid lower wind speeds, Refinitiv analysts said.

In the European carbon market, the benchmark contract rose by 1.12 euros to 85.27 euros a tonne.

Source: Reuters

 

 

 

 

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