Dutch and British wholesale gas prices were trading in a narrow range on Monday morning due to strong supply from Norway and from liquefied natural gas (LNG).

The benchmark Dutch contract for August delivery at the TTF hub (TRNLTTFMc1) edged up by 0.06 euro to 33.46 euros per megawatt hour (MWh) by 0843 GMT, according to LSEG data.

The day ahead contract (TRNLTTFD1) was up 0.15 euro at 32.65 euros/MWh.

The British contract for the day ahead (TRGBNBPMc1) inched down by 0.25 pence to 78.25 pence per therm.

“Fundamentals remain unchanged. Gas stocks now over 60% full, Norwegian is output back to usual levels and low wind generation levels expected after today for the coming weeks will likely keep price levels relatively stable,” consultancy Auxilione said in a morning note.

Gas-for-power demand is up across the prompt in line with weaker renewable forecasts as a high-pressure spell expected later in the week will see wind speeds drop further and be below normal, LSEG data showed.

Total Norwegian export nominations are up 2 million cubic metres (mcm) per day at 321 mcm/day. Maintenance remains minimal for July given the Norwegian holiday season.

“Our outlook for the day ahead is for prices to trade in recent ranges…Trump tariff uncertainty and confusion may also impact with global markets falling as the U.S. flagged a delay on tariffs without any real indication as to what changes may occur,” said Wayne Bryan, gas research principal at LSEG.

The United States is close to finalising several trade pacts in coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates set to take effect on August 1.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.65 euro at 71.41 euros per metric ton.
Source: Reuters