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EUROPE GAS-Prices lifted by lower Russian flows and colder weather

10/25/2021 | 05:01am EST

Oct 25 (Reuters) - British and European wholesale gas prices gained on Monday morning, with analysts highlighting reduced Russian gas flows and colder weather as bullish factors.

* The British day-ahead gas price gained 10 pence to 215 pence per therm by 0851 GMT.

* The TTF equivalent was up 4.45 euros at 91.50 euros per megawatt hour (MWh).

* "Our outlook for today is bullish due to the unexpected drop in Russian flows via Mallnow this morning that could further fuel market nervousness regarding the future of these flows," Refinitiv analysts said of the TTF day-ahead price.

* Flows at the German entry point of Mallnow stood at 83.65 gigawatt hours (GWh) per day, down from 123 GWh/d on Friday, Refinitiv data showed.

* Norwegian flows to Britain were also down on Monday morning, with maintenance under way at the Oseberg field.

* Forecasts for cooler weather next week and rising demand are likely to have supported prices, Refinitiv said.

* This week will bring mild and calm weather over continental Europe, with Britain experiencing some slightly unsettled conditions with increasing wind speeds, said Refinitiv meteorologist Georg Mueller.

* "The weekend will start to turn more unsettled over the continent, too, and next week will be generally rather wet, windy and cool according to all models," he added.

* The Dutch wholesale gas price for November was 2.60 euros up at 90.75 euros/MWh, with the December contract up by 3.70 euros at 91.00 euros/MWh.

* Curve contracts on the TTF were rebounding from a drop on Friday, when Chinese coal and Asian gas prices had weakened, analysts at Engie EnergyScan said in a daily note.

* "But with China coal prices still down today, the upside potential could be limited," they added.

* Chinese thermal coal prices have fallen for four straight sessions after government intervention.

* Oil prices climbed to multi-year highs on Monday, buoyed by tight global supply and firm demand.

* The benchmark Dec-21 EU carbon contract gained 0.91 euros to 59.18 euros a tonne. (Reporting by Nora Buli in Oslo Editing by David Goodman )

ę Reuters 2021
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