EUROPE GAS-Prices rise amid concerns following Moscow attack

LONDON, March 25 – Dutch and British wholesale gas prices rose on Monday morning amid cooler temperatures and market concerns following Friday’s shooting at a concert near Moscow.

The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was up by 1.44 euros at 28.59 euros per megawatt hour (MWh) by 0948 GMT, while the Dutch day-ahead TRNLTTFD1 contract rose 0.95 euros to 28.28 euros/MWh, LSEG data showed.

In Britain, the front-month contract TRGBNBPMc1 was 1.86 pence higher at 73.60 pence/therm. The day-ahead contract TRGBNBPD1 rose 2.50 pence to 73.50 p/therm.

Analysts at Engie’s EnergyScan said that the rise in attacks on energy facilities in Russia and in Ukraine in the past weeks and the rise in tensions since the attack in Moscow, have in turn contributed to the rise in prices.

They added that although spot fundamentals are comfortable with high storage inventories for this period of the year, the downside potential for European gas prices appears limited for now because of liquefied natural gas (LNG) supply risk.

Maintenance at U.S. Freeport LNG has also prompted some supply concerns in Europe, after the company said last week its Train 2 liquefaction unit at the Texas plant had been shut down, while Train 1 will be taken down imminently as it expects inspections and any subsequent repairs at both the units to be completed by May.

Europe’s gas stores are currently 59.2% full, latest data from Gas Infrastructure Europe showed.

In the European carbon market, the benchmark contract CFI2Zc1 gained 2.22 euros to 63.73 euros a metric ton.

(Reporting By Marwa Rashad; Editing by Nina Chestney)

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