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EUROPE GAS-Prices mostly higher on winter concerns, energy complex gains

09/27/2021 | 04:56am EDT

Sept 27 (Reuters) - British and European wholesale gas prices were mostly higher on Monday on expected higher demand, concerns over winter supplies and gains in other energy markets.

* The British within-day contract was 11.00 pence higher at 171.00 p/therm by 0846 GMT.

* The UK November contract rose by 5.25 pence to 190.00 p/therm.

* The October gas price at the Dutch TTF hub, a European benchmark, was up 2.60 euros at 74.00 euros per megawatt hours (MWh).

* Consumption in Britain and north-west Europe is expected to increase due to falling temperatures.

* But concerns over winter supply remain.

* "The curve remains very strong with the global tight energy market," said one trader, highlighting a power crunch emerging in China.

* Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.

* The market remains nervous about a potential supply squeeze in case of a cold autumn and winter given low storage levels and Russian supply concerns, analysts at Energi Danmark said.

* "Weak stock levels, high Asia JKM prices (which should keep LNG supply to Europe at relatively low levels) and high coal prices remain supportive for European gas prices and additional increases are likely," Engie Energyscan analysts added in a daily report.

* However, Britain's gas system opened long, with supply forecast at 191 million cubic metres (mcm) per day and demand at around 169 mcm, National Grid data showed.

* Total Norwegian exports to Europe and the UK were up 17 mcm at 327 mcm/day on Monday morning, Refinitiv data showed.

* The benchmark Dec-21 EU carbon contract was up 1.31 euro at 64.25 euros per tonne after hitting a fresh record high of 64.85 euros/tonne on Monday morning.

* The benchmark Dec-21 British carbon contract rose 1.25 pounds to a new high of 66.00 pounds/tonne. (Reporting by Nora Buli in OSLO; Editing by Nina Chestney)

ę Reuters 2021
Latest news "Economy & Forex"
Latest news "Economy & Forex"