FEEDSTOCKS , CARBON

摘要

The day-ahead price on the key Dutch TTF hub posted moderate losses and was assessed at Eur4.8/MWh July 9, shedding 4.5% over a two week view. The key driver for lower prices was an increase in supply, as LNG regasification levels started to pick up. "An increase in supply, despite only marginally higher demand, saw CNWE injections picking up w-o-w. Stronger LNG sendouts compensated for lower Russian pipeline flows (due to a drop in Mallnow flows) while NCS remained broadly unchanged," Platts Analytics said July 8, adding that the picture was different in the UK, with Norwegian exports firming significantly on week. On the curve, gas prices were mostly driven by the wider commodity complex, including the carbon rally. Market players saw pricing on the US Henry Hub and local gas stocks as keys factors for Europe. "We have to keep looking at the US for the LNG that could come, some see a lot of LNG for Nov and Dec. We don't need storage for the first part of Winter 20 if at all, so I still see some room for the Cal 21 to move," a German gas trader said. The market is also focused on the upcoming Nord Stream pipeline annual maintenance that will cut capacity to zero from July 14 to July 26. The missing volumes are expected to come from Gazprom's European storage.