British and European wholesale gas prices fell on Thursday morning after Russia’s Putin said Gazprom could start pumping gas into European storage soon.

The Dutch November gas price was down 6.75 euros at 77.75 euros per megawatt hour (MWh) by 0733 GMT.

The British November gas price fell by 19.45 pence to 1.99 pounds/therm.

Traders said comments from Russian President Vladimir Putin late on Wednesday on putting gas into European gas storage early next month had helped to drive prices lower.

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 may happen by Nov. 8.

“Given little capacity booked via Mallnow and no additional transit capacity via Ukraine for November it still remains to see how Gazprom will increase injectios into European storages. An option can be a booking of additional transit capacity in daily auctions,” said Refinitiv gas analyst Marina Tsygankova.

Norwegian production is also higher and the UK gas system is over-supplied by 15 million cubic metres (mcm), National Grid data showed.

Flows through the Langeled pipeline frm Norway are at 73 mcm, from 64 mcm yesterday.

The Q1 2022 price for Dutch gas was 7.75 euros lower at 76.00 euros/MWh, while the UK Q1 2022 price was 22.00 pence lower at 1.96 pounds/therm.

The benchmark Dec-21 EU carbon contract CFI2Zc1 was down 1.34 euros at 58.56 euros a tonne.
Source: Reuters (Reporting by Nina Chestney)