Credit: REUTERS/LEE SMITHLONDON, Feb 1 (Reuters) - British and Dutch gas prices fell on Tuesday on higher flows from Russia, strong liquefied natural gas (LNG) supply and with forecasts for warmer weather expected to curb demand.
The British day-ahead gas price TRGBNBPD1 was down 11.00 pence at 180.00 pence per therm by 0948 GMT. The Dutch equivalent day-ahead contract TRNLTTFD1 was down by 9.60 euros at 75.00 euros per megawatt hour (MWh).
“The downward correction continues this morning at EU gas hubs with a jump in pipe imports from Russia adding bearish pressure on top of mild and windy weather, a strong LNG influx and steady Norwegian production,” analysts at Engie EnergyScan said in a daily note.
Capacity nominations for supply to Slovakia from Ukraine via the Velke Kapusany border point, a major route for Russian gas deliveries to Europe, rose on Tuesday to their highest point so far in 2022.
Nominations were seen at 847,878 MWh, up from 513,897 MWh on Monday and around levels recorded at the end of December.
“Warmer-than-normal weather in the UK and north-west Europe is expected to last until Thursday then drop sharply towards normal over the weekend before restoring next week,” analysts at Refinitiv said in a daily research note.
Traders said strong LNG send-out had also had a bearish impact on prices.
Flows from Britain’s LNG terminals were expected at 87 million cubic metres/day on Tuesday, up 10 mcm/d on Monday’s levels, Refinitiv Eikon data showed.
The Dutch contract for March TRNLTTFMc1 was down 9.55 euros at 74.45 euros/MWh.
The European carbon market benchmark December 2022 CFI2Zc1 contract was down 1.61 euros at 87.62 euros/tonne.
(Reporting By Susanna Twidale; editing by Nina Chestney)
((susanna.twidale@thomsonreuters.com; +44 207 5424753;))
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