British and Dutch wholesale gas prices mostly fell on Monday morning due to warmer, windier weather and increased Russian flows.
In the British gas market, the within-day contract fell by 5.00 pence to 60.00 pence per therm by 0743 GMT, its lowest level for nearly a year, having opened at an intra-day high of 77.50 p/therm.
Consumption in Britain was forecast lower due to stronger wind output and warmer weather and a balanced system.
This helped to offset a drop in Norwegian flows through the
Langeled pipeline to 39 million cubic metres (mcm) from 48 mcm on Friday.
Unplanned outages at the Troll field and Kollsnes gas processing plant over the weekend have impacted flows. The Kollsnes outage is also extended until tomorrow.
Liquefied natural gas send-out in Britain is also nominated lower due to an outage starting on May 10.
In the Dutch gas market, the front-month contract TRNLTTFMc1 was 4.09 euros lower at 96.21 euros per megawatt hour (MWh), while the July contract TRNLTTFMc2 was down by 3.19 euros at 97.40 euros/MWh.
The day-ahead contract TRNLTTFD1 inched up by 0.13 euro to 90.13 euros/MWh.
“Prices are torn between comfortable spot fundamentals and concerns on Russian supply,” said analysts at Engie Energyscan.
Eastbound gas flows via the Yamal-Europe pipeline from Germany to Poland increased on Monday morning, data from the Gascade pipeline operator showed.
According to media reports, Gazprom has tried to reassure Europe clients they can still buy gas via a payment mechanism which the EU Commission has said contravenes sanctions.
Many companies in Europe have payments due to Gazprom for April gas from mid-May onwards.
In the European carbon market, the benchmark contract CFI2Zc1 inched up by 0.30 euro to 91.84 euros a tonne.
