Prices flat amid stable Russian gas flows
LONDON, Nov 19 (Reuters) -Dutch and British wholesale prices were largely flat on Tuesday morning as comfortable supply offset higher demand, with Russian gas flows via Ukraine stable and more liquefied natural gas (LNG) cargo arrivals scheduled.
The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 inched up by 0.10 euro at 47.17 euros per megawatt hour by 0959 GMT, a fresh intraday high since it hit 47.15 euros/MWh on Friday after Austria's OMV announced Russia's Gazprom would suspend its gas deliveries to the company.
The British front-month contract TRGBNBPMc1 was down 0.70 pence at 118.00 pence per therm, while the day-ahead contract TRGBNBPD1 was down 0.25 pence at 118.75 p/therm.
Russian gas producer Gazprom GAZP.MM said it would send 42.4 million cubic metres of gas to Europe via Ukraine on Tuesday, the same volume as on Monday, while nominations for gas flows to Austria from Slovakia edged up.
Daily flows to Europe via Ukraine have remained around normal levels and gas has continued to flow into Austria.
New arrivals of LNG cargoes to the continent are scheduled. Britain alone expects eight new cargoes over the coming weeks the highest it has been for a long time, consultancy Auxilione said in a daily note.
At least five LNG cargos have diverted towards Europe after the Asia-Europe spread has switched and is now pointing towards Europe.
Total Norwegian exports are up 14 million cubic metres (mcm) per day on Tuesday, of which 5 mcm/d are going towards the Continent, LSEG data showed.
Comfortable supply has helped to offset lower temperatures. In Britain, temperatures are expected to drop around two degrees and gas consumption for heating is expected up accordingly, rising by 25 mcm for the day-ahead to 239 mcm/day, LSEG data showed.
"We consider Europe to be well prepared for the winter. Ample storage, the return to average wind conditions, and the coming pickup in overseas imports should keep supplies well in balance," said Norbert Rücker, head of economics and next generation research at Julius Baer.
In the European carbon market, CFI2Zc1, the benchmark contract edged down 0.02 euro to 69.49 euros a metric ton.
EXPLAINER-Is it the end for Russian gas supplies to Europe via Ukraine? nL8N3JZ0H0
EXPLAINER-What happens if Russian gas transit via Ukraine stops? nL8N3JV0SH
Reporting by Marwa Rashad; Editing by Nina Chestney
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