Dutch and British wholesale gas prices were steady on Wednesday morning amid stable supply and demand and as the market awaited news of fresh European sanctions on Russia.
The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was up 0.13 euro at 32.58 euros per megawatt hour (MWh) or $11.30/mmBtu, by 08.13 GMT, LSEG data showed.
The Dutch November contract (TRNLTTFMc2) was up 0.09 euro at 33.22 euros/MWh
The British front-month gas price (TRGBNBPMc1) was up 0.38 pence at 80.03 pence per therm.
“Today, the market is expected to trade sideways, with mild bullish support from power sector demand offset by stable supply,” LSEG analyst Oleh Skrynyk said in a daily research note.
In Northwest Europe, local distribution non-zone demand, which includes power stations, was forecast to rise 82 gigawatt hours/day to 1,710 GWh/d for the day-ahead, LSEG data showed.
Total exports from Norway were up 6 million cubic metres/day (mcm/d) at 235 mcm/day, LSEG data showed.
The market is also waiting for news on the European Commission’s 19th sanction package on Russia in response to the war in Ukraine, and whether there is any discussion of peace talks during U.S. President Donald Trump’s state visit to Britain this week.
“Eyes will be on anything that he says or announces whilst here as he likely faces questions around progress on the Ukraine conflict and impact of global tariffs and sanctions,” analysts at consultancy Auxilione said in a daily research note.
European Union executive’s head Ursula von der Leyen said on Tuesday the bloc could seek to speed up its plans to phase out Russian energy use.
The EU currently plans to end purchases of Russian oil and gas by January 1, 2028.
In the European carbon market, the benchmark contract (CFI2Zc1) was up 0.07 euro at 78.21 euros a metric ton.
Source: Reuters