Dutch and British gas prices rose on Wednesday morning as the absence of cold weather and healthy supply continue to weigh against wider geopolitical concerns over shipping through the Red Sea.

The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was up by 0.57 euros to 34.00 euros per megawatt hour (MWh) by 0942 GMT, LSEG data showed.

The March contract TRNLTTFMc3 rose 1.33 euros to 34.89 euros per megawatt hour (MWh).

“Today, we open modestly bullish again but the market still does not seem very concerned despite the events in the Red Sea,” analysts at Energi Danmark said in a morning note.
Some vessels with liquefied natural gas (LNG) bound for Europe via the Red Sea area could be delayed from their original schedule, LSEG analyst Saku Jussila said in a morning report.

“Given the recent supply and demand situations in Europe, these delays will not cause problems in the short term,” Jussila added.

Oil prices also rose slightly on Wednesday as investors kept an eye on the situation in the Red Sea after recent attacks by Iran-aligned Yemeni Houthi militants.

Washington on Tuesday launched a task force to safeguard Red Sea commerce as attacks by the Yemeni militants forced major shipping companies to reroute, stoking fears of sustained disruptions to global trade.

Further in, the British day-ahead gas contract TRGBNBPD1 rose by 1.75 pence to 73.50 pence per therm.

The Dutch equivalent TRNLTTFD1 was up 1.15 euros at 32.80 euros/MWh.

In the European carbon market, the benchmark contract CFI2Zc1 gained 1.27 euros to 73.00 euros a metric ton.
Source: Reuters (Reporting by Nora Buli in Oslo; Editing by Sonia Cheema)