EUROPE GAS-Prices edge down as U.S.-Israeli war approaches two-week mark

By Nina Chestney

LONDON, March 13 - Benchmark Dutch wholesale gas prices were little changed on Friday morning on as the U.S.-Israeli war approached the two-week mark and tanker attacks and energy infrastructure closures continued.

The benchmark Dutch front-month contract at the TTF hub TFMBMc1 inched down by 0.13 euros to 50.74 euros per megawatt hour (MWh) by 0943 GMT, ICE data showed.

The British front-month contract NGLNMc1 was down 0.85 pence at 125.85 pence per therm.

U.S. President Donald Trump derided Iran's leaders as "deranged scumbags" and said it was his great honour to kill them as there were heavy exchanges of drone and missile strikes across the region. Iran's new supreme leader Mojtaba Khamenei vowed to keep the Strait of Hormuz shut on Thursday.

The crisis has removed around 1.5 million metric tons per week (2.2 billion cubic metres) from global liquefied natural gas (LNG) markets—equivalent to 19% of global LNG exports, according to Wood Mackenzie.

The United States has issued a 30-day waiver for countries to buy sanctioned Russian oil and petroleum products currently stranded at sea but analysts said this has failed to resolve wider supply constraints. O/R

Energy Aspects said they see disruption continuing until at least mid-March. Restarting the Ras Laffan complex after a complete shutdown would require at least two weeks.The consultancy estimates 1 million metric tonnes of LNG is in storage at Ras Laffan.

"European buyers would not receive any Qatari cargoes before May, given the travel time around the Cape of Good Hope, but Asian importers could start to receive these cargoes in April, which would ease the draw on flexible cargoes from the Atlantic basin," they said.

They added that recent price moves were amplified by traders exiting short positions and option dealer hedging.

Meanwhile, Shell-led LNG Canada reported on Thursday that an unplanned flaring event occurred a day earlier and was likely to continue for one week.

In the European carbon market, the benchmark contract CFI2Zc1 was down 0.41 to 68.32 euros a metric ton.