EUROPE GAS-Prices up on cooler weather, supply concerns
LONDON, May 2 - Dutch and British wholesale gas prices rose on Thursday morning on cooler temperatures and supply concerns, despite solid storage inventories.
The benchmark front-month contract at the Dutch TTF hub was up 1.5 euros to 30.18 euros per megawatt hour (MWh) at 1009 GMT, while the day-ahead contract was 1.4 euros higher at 29.9 euros/MWh, according to LSEG data.
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In the British market, the June contract was up 3.19 pence to 73 pence per therm, LSEG data showed.
Temperatures are expected to edge down in the day ahead and then hold fairly steady into next week, LSEG analyst Timothy Crump said.
Total Northwest European demand is expected to rise 143 gigawatt hours per day (GWh/d) in the day ahead, as average temperatures drop 2.2 degrees Celsius, he added.
"The market remains in a wait-and-see position, taking into account bearish spot fundamentals but keeping in mind risk factors mainly on the supply side," analysts at Engie's EnergyScan said in a research note.
Consultancy Auxilione said in a note that there was no real change in outlook as the weather was expected to stay close to seasonal norms throughout the month, allowing gas stocks to be refilled.
European gas storage facilities were last seen 62.3% full, according to Gas Infrastructure Europe (GIE) data.
On Wednesday, the head of Ukraine's state energy firm said Ukraine hoped to store around 4 billion cubic metres (bcm) of gas for foreign companies and traders this winter, up 60% from last year, despite Russian air strikes on the country's energy infrastructure.
In the European carbon market, the benchmark contract was up 2.18 euros to 70 euros per metric ton.
(Reporting by Marwa Rashad; Editing by Mark Potter)