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EUROPE GAS - Prices edge lower due to strong supply and rising gas stocks

The wholesale gas prices in the Netherlands and Britain fell slightly on Thursday morning, as a result of a strong supply and increasing gas stocks.

LSEG data shows that the benchmark Dutch front-month contract was 31.94 euros per Megawatt Hour (MWh) at the TTF Hub, or $10.91/mmBtu at 0803 GMT.

The Dutch day-ahead contracts was down by 0.23 euros at 31 Euro/MWh.

The British gas day-ahead price fell 0.70 pence to 77.10 pence a therm.

The market is calm as Europe managed to fill its storages during the summer. Despite maintenance work in Norway, supply concerns remain low.

Gas Infrastructure Europe released the latest figures showing that Europe's gas storage tanks are 78.3% filled.

LSEG data shows that the total Norwegian export nominatons increased by 7 million cubic meters/day to 254 mcm/d.

LSEG data also showed that liquefied natural gas supplies increased, with the sendout to Northwest Europe increasing by 135 gigawatt-hours a day. This amounts to 2,388 GWh/d.

In a daily note, LSEG analyst Yuriy Onieshkiv stated that the market was expected to remain rangebound. There were no new factors to support or pressurize prices.

The benchmark contract on the European carbon markets was up by 0.22 euros at 75.17 euro per metric ton. (Reporting and editing by Joe Bavier; Susanna Twidale)

(source: Reuters)