- European natural gas prices fell on expectations that mild and windy weather will provide some relief to the region s strained energy system.
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Warm temperatures at the beginning of the heating season are set to temper demand, pushing prices lower despite signals from Russia that it won t ship more gas without rapid approval of its controversial Nord Stream 2 pipeline. Strong winds in the U.K. and Germany could also cause record power output of turbines in the morning of Thursday, further reducing the need for gas-fired plants.
Starting from November, with every month warmer than normal the global gas balances will ease marginally, helping to unwind a large portion of the recent rally, JP Morgan Chase Co. said in a note.
Weather EUROPE: Next week Milder After Cold Start will turn into a colder weather.
Front-month gas futures fell 2.8% to 91.34 euros a megawatt-hour at 2 p.m. in Amsterdam. The U.K. equivalent slid 3.7% to 228.54 pence per therm. Carbon futures have also dropped.
Gas prices rose early as Germany signaled it wants approval from the German government to use its Nord Stream 2 pipeline in exchange for increasing supplies. German regulators review Russia's application, but have said an initial decision may come only in January, after which the European Commission must give the go-ahead.
Liquefied natural gas deliveries to Asia remain muted, with Europe commanding a premium to attract available cargoes. But Russia will continue to tap the LNG market irrespective of volumes from Europe, SEB Group said. We see that more natgas from Russia would only calm the nerves a bit, SEB said in a note.
The U.K. gas demand is forecast to be below the five-year average on Tuesday, according to National Grid Plc data. Gas and wind are each providing more than a third of power generation, data show.
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