Dutch and British wholesale gas prices on Tuesday morning traded slightly higher after hitting seven week lows the previous day when milder weather curbed demand.

The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was 0.35 euro higher at 34.55 euros per megawatt hour (MWH), or $11.28 mmBtu, by 0815 GMT, LSEG data showed.

The overall market picture was little changed and prices were likely rising on a technical rebound, a gas trader said.

On Monday, the benchmark TTF contract settled 4.4% lower, at its lowest level since late July, analysts at ING said.

“Warmer weather weighed on prices. EU storage continues to tick higher despite reduced flows from Norway where heavy scheduled maintenance is ongoing,” they added.

European gas storage was last seen at 93.4% full, Gas Infrastructure Europe (GIE) data showed.

There were several small updates to Norwegian maintenances on Monday that were largely ignored by the market, LSEG gas analyst Saku Jussila said in a morning report.

“The big picture is that Norwegian maintenance seems quite uneventful this year and there have been no big surprises,” he added.

Norwegian gas flows are set to rise sharply from Friday, with the end of maintenance at the Kaarstoe and Kollsnes processing plants.

With temperatures above the seasonal norm and given Monday’s sharp drop, further downward price pressure is limited, Jussila said.

In the British market, the day-ahead contract TRGBNBPD1 was up 0.45 pence at 81.75 p/therm.

In the European carbon market, the benchmark contract CFI2Zc1 was 0.11 euro higher at 63.32 euros per metric ton.
Source: Reuters (Reporting by Nora Buli in Oslo; editing by Nina Chestney)