Dutch and British wholesale gas prices were largely unchanged near their highest levels in 14-months on Friday morning, with some profit taking offsetting an outage at Norway’s LNG plant and potentially cooler weather next week.

The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was down 0.02 euros at 49.74 euros per megawatt hour (MWh), or $14.99/mmbtu, at 0909 GMT, according to LSEG data.

The Dutch day-ahead (TRNLTTFD1) contract eased by 0.38 euros to 49.45 euros/MWh.

In Britain, the day-ahead contract (TRGBNBPD1) was down 0.6 pence at 123.90 pence per therm.

“The current price level of 50 EUR/MWh is the highest in more than a year and the market appears to calm somewhat down today,” analyst at Energi Danmark said in a morning report.

Prices rallied to their highest levels since October 2023 following the end of Russian pipeline gas deliveries via Ukraine, with Europe now more reliant on liquefied natural gas (LNG) deliveries.

A one-week outage at Norway’s Hammerfest LNG plant would likely lead to the loss of “bearable” 1-1.5 cargoes, LSEG analyst Ulrich Weber said.

“TTF February 2025 prices are weakening slightly this morning probably on profit taking,” Engie EnergyScan said in its morning report.

“It remains to be seen whether this will be enough to break the fundamentals-driven bullish momentum,” they added.

Meanwhile, latest weather forecasts were cooler for next week but there were also indications of a milder spell in the second half of January, LSEG meteorologist Georg Mueller said.

In the European carbon market (CFI2Zc1), the benchmark contract was up 0.24 euro at 75.41 euros a metric ton.
Source: Reuters