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EUROPE GAS-Prices rise ahead of capacity auctions, eyes on Russian supply

Reuters
·2-min read

LONDON, Oct 18 (Reuters) - British and European wholesale gas prices rose on Monday morning ahead of gas transit capacity auctions that could provide an indication of Russian supply to Europe for the next months.

* The Dutch wholesale gas price for November was 4.70 euros higher at 93.15 euros per megawatt hour (MWh) by 0818 GMT.

* The Dutch wholesale gas contract for December rose by 4.30 euros to 93.55 euros/MWh.

* Deputy Prime Minister Alexander Novak said on Saturday Russian gas consumption is running at a record high but Moscow is still ready to increase supplies to Europe should it receive such requests.

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* He also said that commercial gas deliveries via Nord Stream 2 may start right after the German regulator grants its permission.

* The operator of Russia-led Nord Stream 2 gas pipeline on the bed of the Baltic Sea said on Monday the first string of the pipeline has been filled with technical gas. The pipeline is still expected to get a certification from a German regulator to start commercial sales of natural gas.

* "Mixed messages from Russia over the last few days as well as the fact nothing has been booked or flows to northwest Europe have not increased tells us that risk remains firmly on the table," Refinitiv analysts said.

* The next monthly gas capacity auction on Monday will be closely watched.

* "We can expect a volatile trading day as well as an insight into Gazprom's intentions for additional gas supply into NWE after recent comments," they added.

* A gas trader said he expects sideways moves until the end of the week then it will depend on the weather.

* In the UK market, the British wholesale gas contract for immediate delivery was up 7.2 pence to 2.09 pounds per therm.

* The day-ahead price was up 5.0 pence at 2.08 pounds per therm.

* Temperatures in the UK are forecast to rise significantly above season seasonal norm on the day-ahead but fall again by the weekend, Refinitiv Eikon data showed.

* Wind power in Britain is forecast at 10 gigawatts (GW) on Monday and slightly higher at nearly 12 GW on Tuesday, Elexon data showed.

* The benchmark Dec-21 EU carbon contract went down 1.0 euro to 58.76 euros a tonne. (Reporting by Marwa Rashad; editing by Nina Chestney)