Dutch and British wholesale gas prices fell on Tuesday morning on stable Norwegian supply and flat demand.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down by 1.10 euro at 34.90 euros per megawatt hour (MWh) by 0750 GMT, while the September contract was 0.79 euro lower at 35.30 euros/MWh, LSEG data showed.

In the British market, the August contract (TRGBNBPMQ5) was down 1.74 pence at 84.10 pence per therm.

Norwegian export nominations to continental Europe are 5 million cubic metres (mcm) higher at 324 mcm/day as Emden and Baltic Pipe ramp up. Flows to Britain are down due to re-routing to Europe.

Total north-west Europe demand is expected to be roughly flat for the day ahead, LSEG data showed.

Total north-west Europe liquefied natural gas send-out is expected at 2,224 gigawatt hours (GWh), 50 GWh/day lower than yesterday due to a lack of arrivals at Zeebrugge.

Gas storage inventories are now at around 71 billion cubic metres (bcm), or 63% full. This is 22% lower than 91 bcm in 2024 and 12% lower than the five-year average of 80 bcm, analysts at Jefferies said.

“Getting to 80% and 90% storage utilization by Nov. 1 will require an additional injection of 19 bcm (around 1.1 bcm/week) and 30 bcm (1.8 bcm/week) respectively,” they said.

EU countries are close to reaching an agreement on a new package of sanctions against Russia, the bloc’s foreign policy chief Kaja Kallas said on Tuesday.

The new package proposes banning transactions with Russia’s Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention.

In the European carbon market, the benchmark contract (CFI2Zc1) inched down by 0.11 euro to 70.31 euros a metric ton.
Source: Reuters