EUROPE GAS-Prices up on Norwegian unplanned outage, LNG concerns
LONDON, June 3 (Reuters) - Dutch and British gas prices rose on Monday on a drop on Norwegian supply due to an unplanned outage at the Nyhamna processing plant, and concerns over rising Asian demand for liquefied natural gas (LNG) due to hot weather.
The benchmark front-month contract at the Dutch TTF hub rose by 2.05 euros to 36.65 euros per megawatt hour (MWh) by 0832 GMT, while the August contract added 1.2 euros to 36 euros/MWh, according to LSEG data.
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In the British market, the day-ahead contract was up 7.5 pence at 91.00 pence per therm and the July contract rose by 3.55 pence to 86.55 p/therm.
Norwegian nominations to the continent are down 14 million cubic meters per day (mcm/d) with majority of outages expected to end on Tuesday, LSEG data showed.
"Nyhamna has an unplanned outage and is mute today after a reduction of 80 mcm/d. This has an uncertain duration statement, however, Karsto, Kollsness and Nyhamna processing plants are expected to return 135 mcm/d tomorrow which may add a little bearish relief," said LSEG analyst Timothy Crump.
Meanwhile, LNG prices remain close to 6-month high as hot weather in Asia is raising cooling demand and pushing Northeast Asian buyers to focus on supplies for the summer, raising concerns for tighter supplies.
European gas storage facilities were last seen 70.17% full, according to Gas Infrastructure Europe (GIE) data.
"Torn between a comfortable European spot gas balance and some risk factors - in particular on LNG supply - the market had chosen for now to adopt a wait-and-see position," analysts at Engie's EnergyScan said.
In the European carbon market, the benchmark contract rose by 2.1 euros to 76.2 euros a metric ton.
(Reporting by Marwa Rashad1; Editing by Varun H K)