Gas prices in Europe are mixed amid stable stocks, cooling

Jan 20 (Reuters) – Wholesale gas prices in the Netherlands and the UK are mixed on Friday as solid LNG supplies and high inventories in Europe failed to outweigh a less favorable weather forecast.

Front gas futures in the Dutch TTF hub rose by 3.24% to 60.5 euros per megawatt hour by 13:33 Moscow time.

The cost of gas with settlements “tomorrow” in the UK by 13:45 Moscow time fell by 0.64% to 155 pence per therm, with “immediate delivery” by 13:19 Moscow time – rose by 0.65% also to 155 pence per therm.

Gas futures for February delivery in the UK fell 2.3% to 148.5 pence a therm.

In recent weeks, gas prices in Europe have been declining due to high storage volumes, which are 80.1% full, according to data from Gas Infrastructure Europe.

“Overall fundamentals suggest a slight bullish skew over the coming week, driven by colder-than-usual weather and fluctuating wind generation across NW Europe,” Rystad’s Kaushal Ramesh said in a research note.

The application for the pumping of Russian gas to Europe through Ukraine on January 20 remains at the level of 24.4 million cubic meters per day through the Sudzha gas measuring station, follows from the data of the Ukrainian gas transport operator.

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(Suzanne Twidale, translated by Tomasz Kanik)

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