Dutch and British wholesale gas prices fell on Thursday morning, extending their downward trend on strong supply and mild weather.

The contract for January at the Dutch TTF hub eased by 0.70 euro to 35.00 euros per megawatt hour (MWh) by 1015 GMT, LSEG data showed.

On Wednesday, the contract hit its lowest intraday level since Sept. 19 at 34.40 euros/MWh.

The contract for February fell by 1.01 euros to 35.55 euros/MWh.

In Britain, the day-ahead price eased by 1.00 pence to 83.50 p/therm. The weekend contract lost 1.50p to trade at 81.50 p/therm, LSEG data showed.

“Supply outlook still looking healthy may help to keep and hold this level for the foreseeable, after breaking below some key levels recently that have been a struggle to get through,” consultancy Auxilione said in a morning note.

European gas supply remains strong amid stable pipeline flows from Norway and steady arrivals of liquefied natural gas (LNG) tankers in Europe.

Temperatures for northwest Europe are forecast milder or around normal for December, LSEG data showed.

In addition, gas storage inventories remain strong at 90.1% full, according to latest data from Gas Infrastructure Europe.

In Britain, peak wind power generation was forecast at 11.4 gigawatts (GW) on Thursday, rising to 15.6 GW on Friday, out of the total metered capacity of about 23 GW, Elexon data showed.

In the European carbon market, the benchmark contract CFI2Zc1 inched up by 0.49 euro to 68.70 euros a metric ton.
Source: Reuters (Reporting by Marwa Rashad; Editing by Shilpi Majumdar)