Dutch and British wholesale gas prices rose on Thursday morning amid lower temperatures expected for tomorrow and next week.

The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was 0.87 euro higher at 54.27 euros per megawatt hour (MWh) by 0841 GMT.

The contract hit an intra-day high of 54.61 euros/MWh on Monday, its highest level since October 2023.

The Dutch contract for April was up 0.63 euro at 53.88 euros/MWh, while the British front-month contract (TRGBNBPMc1) rose by 1.55 pence to 132.00 pence per therm.

Average temperatures in north-west Europe are expected to fall by 0.4 degrees Celisus on the day-ahead and by 0.5C next week. In Britain, average temperatues will be in a 2-5C range over the next two weeks, up to 3C below normal seasonal levels.

Wind generation is forecast to be stronger for tomorrow which should lower demand for gas from power plants.

On the supply side, Norwegian export nominations have risen as maintenance at Njord field has ended. Liquefied natural gas (LNG) send-out is also expected to remain solid.

“Bearish and bullish drivers seem to balance each other. The colder temperature forecast should get most attention and will limit the downside,” said LSEG gas analyst Ulrich Weber.

In the European carbon market (CFI2Zc1), the benchmark contract was down 1.02 euros at 79.86 euros a metric ton.
Source: Reuters