Natural gas prices on the rise in Europe
European natural gas prices began to rise today ahead of expected low wind power generation over the next two weeks and colder weather conditions.
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According to a report by Montel-Foreks, the Dutch TTF hub April futures contract was last trading at 25.18 EUR/MWh on the ICE Endex today, up 0.31 EUR.
The TTF day-ahead contract also traded at 25.40 EUR/MWh, an increase of 0.52 EUR.
The UK NBP hub April contract on ICE Futures traded at 62.58 p/th, up 1 p.
A Germany-based portfolio manager stated, "Europe will face stable weather conditions with cooler temperatures and lower wind energy production over the next few weeks."
The manager added that this would mean an increase in demand from the heating and energy sectors.
According to the data, temperatures in Germany, Europe's largest gas consumer, are expected to hover around 4.7 °C next week, which is 0.4 °C above the norm.