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EUROPE GAS-Prices mostly rise on Norway’s Troll outage extension

(Updates throughout)

LONDON, Sept 19 (Reuters) –

Dutch wholesale gas prices mostly rose on Tuesday afternoon after the Norway modified the size of an outage at the Troll field and China’s Sinopec tender sparked concerns about competition for liquefied natural gas (LNG) with Europe.

The Dutch October contract was up by 2.75 euros at 36.78 euros per megawatt hour (MWh) by 1543 GMT while the November contract was 1.25 euros lower at 44.50 euros/MWh, according to LSEG data.

The British the day-ahead contract was up by 8.50 pence to 94.00 p/therm.

Norwegian gas system operator Gassco revised the details of a planned outage at Troll on Tuesday, modifying its size.

The capacity affected of the outage was increased to 125 million cubic meters (mcm) from the previous 95 mcm. The outage will start on Sept. 20 and is expected to end on Sept. 21.

Meanwhile, China’s Sinopec Corp has bought more than 30 cargoes of LNG via a tender for October 2023 to the end of 2024 to cover Chinese winter demand and boost the supply pool for trading, traders said.

Traders said the tender signals a comeback of Chinese demand after muted spot activity so far in 2023, underpinning Asian spot LNG prices which last held at $13/mmBtu.

In the European carbon market, the benchmark contract was up by 0.51 euro at 81.35 euros a tonne.

(Reporting by Marwa Rashad, Editing by Nina Chestney)

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