UK gas for immediate delivery was 1.00 pence higher at 106.00 pence per therm
British and European gas prices bounced back on Monday morning from losses in the previous week, with market observers highlighting higher carbon, oil and equity prices and ongoing uncertainty about Russian gas supplies to Europe.
UK gas for immediate delivery was 1.00 pence higher at 106.00 pence per therm by 0920 GMT.
The September contract was 4.45 pence higher at 108.30 p/therm.
At the Dutch TTF hub, the day-ahead contract added 1.65 euros to 43.20 euros per megawatt hour (MWh), and the September price gained 1.52 euros to 43.10 euros/MWh.
Demand was forecast at 335.5 million cubic metres (mcm), above the seasonal norm of 304 mcm, while flows were forecast at 331 mcm/day, leaving the system undersupplied by around 6.5 mcm, National Grid data shows.
Traders said not a lot of fundamental factors had changed, but that carbon, oil and stock markets were all firmer on Monday morning.
The benchmark Dec-21 EU carbon contract was 1.67 euros higher at 56.05 euros a tonne.
The benchmark Dec-21 British carbon contract gained 1.60 pounds to 49.25 pounds per tonne.
Meanwhile, European stocks opened higher and Brent crude oil added 3.2%.
Gas prices were correcting from a drop last week as it seemed unlikely Gazprom would be able to send 5.6 billion cubic metres (bcm) of gas through the Nord Stream 2 pipeline this year, Refinitiv analyst Xun Peng said.
The pipeline is close to completion, but was unlikely to get a German operator licence before the end of the year.
A return to prices of 58 euros per tonne for carbon and 46 euros per megawatt hour for TTF front-month gas would merely put the market back on trend after a sell-off, a trader said.
Weak liquefied natural gas sendout might also continue to support prices, Refinitiv’s Peng said.
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