Dutch gas benchmark close to 2-year low due to mild weather

LONDON, May 19 (Reuters) – UK and Dutch gas prices rose on Friday but underlying TTF monthly contract remains close to June 2021 lows amid expectations of seasonally high temperatures in June and steady gas storage replenishment pressure to the market.

Gas futures ahead at Dutch hub TTF rose 0.57% to €30.17 per megawatt-hour by 2:26 p.m. Moscow time. The price of gas with “tomorrow” settlements on the TTF until 13:38 Moscow time increased by 0.17% to 29.6 euros per megawatt hour.

The cost of gas billed ‘tomorrow’ in the UK until 13:43 Moscow time rose 4.31% to 66.5p per term, ‘instant delivery’ to 13:40 Moscow time increased by 2.38% to 64, 5 pence per term. deadline.

The UK gas market was balanced on Friday, with forecast demand at 216m cubic meters and supply at 215.9m, according to National Grid data.

“Overall, the next day UK gas price may now try to test a different level of support at around 60p per period, depending on further weakness in the balance sheet and pressure from the same TTF floor contract vulnerability,” Yuri said. Onyszkow from Refinitiv in a daily political briefing.

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(Suzanne Twidale, translated by Tomasz Kanik)