Prices mostly fall as market seeks clarity on EU intervention

A section of gas pipeline is seen at a National Grid facility near Knutsford, Britain.

Dutch and British wholesale gas prices continued to fall on Tuesday morning as participants await clarity on EU plans for market intervention and as gas storage sites continue to fill.

The benchmark Dutch contract for October was down 3.50 euros at 187 euros per megawatt hour (MWh) by 0927GMT.

The British October contract was down by 12pence at 345.00 pence/therm.

A short system at market opening and forecast rise in demand, mostly linked to heating, by 7 million cubic metres(mcm) per day on Wednesday supported the British day-ahead price, Refinitiv analysts said.

The UK system was 11.4 mcm short on Tuesday, according to National Grid data.

In Europe, the expected start of deliveries from the new liquid natural gas (LNG) terminal in the
Dutch port of Eemshaven from Wednesday should be a bearish driver, the Refinitiv analysts added.

In the European carbon market, the benchmark contract rose by 0.33 euros to 72.15 euros a tonne.

For more Information visit: SABCNews