Dutch and British wholesale gas prices rose on Tuesday morning due to maintenance outages and tight supply.

The benchmark Dutch front-month contract (TRNLTTFMc1) was up 0.99 euro at 36.19 euros per megawatt hour (MWh) by 0830 GMT, LSEG data showed.

The British contract for June rose by 2.20 pence to 86.61 pence per therm.

Both British and Dutch prices are expected to be bullish, supported by tight supply, ongoing maintenance risks, and a colder weather outlook, said LSEG gas analyst Oleh Skrynyk.

Norwegian flows to Britian have fallen by 23 million cubic metres (mcm) to 41 mcm/day due to some re-routing of flows to France, LSEG data showed.

Maintenance outages at Norwegian gas fields and processing plants are also scheduled for May 21-22 which is also adding to bullishness.

While Norwegian flows to continental Europe are up, LNG send-out is expected to fall.

In north-west Europe, average temperatures are expected to fall from 15.8 degrees Celisus today to 11.2C by the end of the week, before rising again next week.

Wind power generation is expected to remain stronger than normal until early next weekk

Russian President Vladimir Putin, after a call with U.S. President Donald Trump on Monday, said that Moscow was ready to work with Ukraine on a memorandum about a future peace accord and that efforts to end the war in Ukraine were on the right track.

In the European carbon market, the benchmark contract (CFI2Zc1) was up 1.33 euro at 71.75 euros per metric ton.
Source: Reuters