LONDON, Oct 29 (Reuters) – British and European wholesale gas prices continued to fall on Friday on expectations that Russia would soon begin pumping more gas to Europe.
* The day-ahead British gas price was down 7 pence at 1.65 pounds per therm by 0928 GMT.
* The Dutch day-ahead gas contract was down 3.90 euros at 70.10 euros per megawatt hour (MWh)
* Traders said higher supplies from the country’s liquified natural gas (LNG) terminals and expectations of higher supply from Russia this month helped to offset forecasts for cooler temperatures.
* The contracts were extending steep losses from Thursday after Russian President Vladimir Putin said Gazprom could start pumping gas into European storage.
* “The sell-off yesterday was chiefly due to the Russian president instructing the state gas monopolist Gazprom to deliver more gas to Europe,” Commerzbank analysts said on Friday. “Europe urgently needs higher natural gas deliveries from Russia to get through the winter.”
* Putin told the head of Kremlin-controlled energy giant Gazprom, Alexei Miller, to start pumping natural gas into European gas storage once Russia finishes filling its own stocks, which could happen by Nov. 8.
* The Dutch November gas price was down 3.65 euros at 71.00 euros per megawatt hour (MWh).
* The British November gas price fell by 11.00 pence to 180.00 pounds/therm.
* The benchmark Dec-21 EU carbon contract was up 0.69 euros at 59.26 euros a tonne. (Reporting by Susanna Twidale Editing by David Goodman )