LONDON: Benchmark European and British wholesale gas prices fell on Wednesday morning, shedding some of Tuesday’s gains on profit taking and as more LNG shipments heading to Europe partially helped calm supply concerns.
The British gas contract for day-ahead delivery was down 20.50 pence at 4.37 pounds per therm by 1040 GMT, after it hit a record high recorded on Tuesday at 4.64 pounds per therm.
The benchmark Dutch front-month contract was down 7.45 euros at 173.55 euros per megawatt hour (MWh), falling from its record high recorded on Tuesday afternoon at 184.95 euros/MWh.
The British front-month contract was down 34.25 pence at 4.17 pounds per therm.
A few cargoes of liquefied natural gas (LNG) have recently been diverted from Asia to head west drawn by Europe’s record high prices industry sources said.
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