EUROPE GAS-Prices mostly down on softer demand and maintenance extension
Reuters · 09/15 09:11
EUROPE GAS-Prices mostly down on softer demand and maintenance extension

- Dutch and British wholesale gas prices were mostly down on Friday morning on softer demand and continuation of liquefied gas exports (LNG) in Australia despite strikes, though a Norwegian outage extension raised some concern.

The Dutch October contract TRNLTTFMc1 was down by 0.22 euros at 35.03 euros per megawatt hour by 0957 GMT while the weekend price TRNLTTFWE was up 0.1 euros at 34.58 euros/MWh, LSEG data showed.

The British October contract TRGBNBPMc1 slipped by 2.10 pence to 87.00 pence per therm.

Workers at Gorgon and Wheatstone in Australia, responsible for more than 5% of global supply, on Thursday escalated what had been six days of limited strikes. Until around the end of September, unions can strike for up to 24 hours each day and refuse tasks such as loading tankers.

However, Chevron's two western Australian plants continued exports of liquefied gas (LNG) on Friday despite the step up in strikes and a fault at the Wheatstone plant that cut production by a quarter, LSEG and Kpler shipping data showed.

Total Norwegian export are up by 15 million cubic metres per day (mcm/d) at 160 mcm/d as some of the heaviest maintenance work comes to an end, LSEG data showed.

"The increase in Norwegian supply ... and the continuation of Australia LNG exports seem to exert downward pressure," said analysts at Engie's EnergyScan.

Nordic power exchange Nord Pool on Friday said that the Troll gas facility restart date will be delayed to Sept. 18. It was previously expected to restart on Sept. 16.

"Despite the Norwegian maintenance delay, we are still looking at a slightly bearish day," one European gas trader said, citing lower power demand and moderately cooler weather.

Warm weather and strong wind speed in the UK and Europe will curb gas for power demand, said LSEG gas analyst Tomasz Marcin Kowalski.

Europe's gas storage sites, however, are more than 93.3% full, according to the latest data from Gas Infrastructure Europe.

In the European carbon market, the benchmark contract CFI2Zc1 was up 0.13 euros at 83.25 euros a tonne.

(Reporting by Marwa Rashad
Editing by David Goodman

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