Prices reverse earlier gains after Ukraine transit deal report
Corrects to say higher, not lower, in para 7
LONDON, Sept 19 (Reuters) -Dutch and British wholesale gas prices fell on Thursday afternoon, reversing earlier gains, on a media report that Ukraine has agreed to transit Azerbaijani gas to Europe. Reuters was unable to immediately verify the report.
The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was down by 0.84 euro at 34.25 euros per megawatt hour (MWh), or $11.16 mmBtu, by 1334 GMT.
The November contract TRNLTTFMc2 was 1.69 euro lower at 35.74 euros/MWh, LSEG data showed.
In the British market, the day-ahead contract TRGBNBPD1 fell by 3.35 pence to 80.00 pence per therm.
Ukrainska Pravda news outlet on Thursday afternoon reported that Ukraine has agreed to transit Azerbaijani gas to Europe as a temporary measure after it ends a transit deal with Russia.
The transit deal, allowing Russian gas to flow through Ukraine to Europe, is due to expire at the end of the year and the market has been watching for possible options to keep the supply flowing.
Traders said this had led the market to reverse gains seen earlier today and that the news Egypt is planning to restore normal output at gas fields by summer 2025 had also contributed to lower prices.
"Its a combination (of bearish) headlines," one trader said.
The price drop reversed gains seen earlier this morning when the market edged higher due to a dip in exports from Norway as maintenance ramped up.
Total Norwegian exports are expected down 13 million cubic metres/day (mcm/d) compared with the previous day as maintenance at the Kollsnes processing plant ramps up, LSEG data showed.
Supply of gas from Russia to Europe via Ukraine has remainedsteady amid attacks on Ukraine's energy system.
Russia's Gazprom GAZP.MM said it would send 42.3 million cubic metres of gas to Europe via Ukraine on Thursday, the same volume as on Wednesday.
In the European carbon market, the benchmark contract CFI2Zc1 was 0.26 euro higher at 63.44 euros per metric ton.
Norwegian gas infrastructure maintenance Norwegian gas infrastructure maintenance https://reut.rs/4fO4kxi
EXPLAINER-Is it the end for Russian gas supplies to Europe via Ukraine? nL8N3JZ0H0
EXPLAINER-What happens if Russian gas transit via Ukraine stops? nL8N3JV0SH
Reporting By Susanna Twidale; Editing by Mrigank Dhaniwala and Nina Chestney
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