European gas prices are mixed with strong demand, increasing supplies

LONDON, Jul 20 (Reuters) – Wholesale gas prices in the Netherlands and the UK were mixed on Thursday morning, with strong demand from power stations offset by strong supply.

Gas futures fronts at the Dutch hub TTF rose 3.43% at 12:38 p.m. Moscow time to €27.15 per megawatt hour. The price of gas with “tomorrow” settlements on the TTF until 11:57 Moscow time fell by 1.48% to 26.7 euros per megawatt hour.

The cost of gas billed ‘tomorrow’ in the UK by 12:42 p.m. Moscow time increased by 5.47% to 67.5p per term, with ‘immediate delivery’ by 12:03 p.m. Moscow time – by 3.66% to 66.5p per term.

August UK gas futures rose 4.73% to 68.6p a term.

Analysts have noted that declining wind speeds in the UK and continental Europe have led to an increase in the use of blue fuel by gas-fired power plants.

UK wind power generation is expected to peak at 2.6 gigawatts on Thursday and 2.8 gigawatts on Friday, out of a total billed capacity of 22 GW, according to Elexon figures.

According to Refinitiv Eikon, wind power production in Germany fell by 4.1 GW to 3.5 GW on Friday.

“Given stockpiles, weak demand and a recovery in supply from Norway, we expect the market to continue trading to a limited extent in the absence of any supply disruptions or surprises on the demand side,” Wayne Bryan of Refinitiv said in a research note.

Gazprom reported that the request for pumping Russian gas to Europe via Ukraine and the Sudzha metering station on July 20 is 42.5 million cubic meters per day.

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(Suzanne Twidale, translated by Tomasz Kanik)