After rising the day before, gas prices in Europe are falling again
30 July 15:11
Wholesale gas prices in the United Kingdom and the Netherlands are falling on Thursday, July 30, amid profit-taking following gains in the previous session due to continued fighting in the Middle East. This was reported by "Komersant Ukrainian", citing Reuters.
Front-month gas futures on the Dutch TTF hub fell 1.94% to €59.25 per megawatt-hour.
Gas futures for next-month delivery in the UK fell 2.17% to 143.25 pence per therm.
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The U.S. launched new strikes against Iran on Wednesday, according to the U.S. military—the conflict has been ongoing for five months and is escalating further, spreading beyond the main battlefronts and affecting more and more countries in the region.
During the week ending July 24, investment funds increased their net long positions on the TTF by 18 terawatt-hours to 265 terawatt-hours, following a 65-terawatt-hour increase the previous week.
“Although funds continued to ride the market’s upward momentum, they may they believe that prices have reached levels that no longer appear justified from a fundamental and technical standpoint, and that the potential for a decline now exceeds the potential for further growth,” noted analysts at Engie.
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