Dutch and British wholesale gas prices on Friday morning were largely flat with a small rise in demand balanced by Norwegian gas flows, though uncertainty over supplies later in the year offered some support.

The benchmark front-month contract at the Dutch TTF hub edged down 0.20 euros to 33.44 euros per megawatt hour (MWh), or $10.61/mmBtu, by 0900 GMT, LSEG data showed.

The contract for September TRGBTTFMc2 was down 0.09 euros at 34.41 euros/MWh.

The day-ahead contract TRGBTTFD1 was up 0.10 euros at 33.05 euros/MWh.

In the British market, the day-ahead contract TRGBNBPD1 was 0.15 pence lower at 78.25 pence per therm.

Gas for power demand in Britain is forecast to rise by 26 million cubic metres (mcm) per day for Monday but is likely to be offset by more Norwegian flows, said LSEG analyst Yuriy Onyshkiv.

An unplanned outage at the Norwegian Oseberg field is scheduled to end on Saturday.

Spot gas prices were expected to oscillate around current levels of 32.5-33 euros/MWh for TTF and 73-77 p/therm for Britain, LSEG analysts said in a weekly report.

There was nothing “massively new”, one trader said.

“Looking into the seasons, I don’t think traders want to be on the short side with so much supply uncertainty,” he added, highlighting potential arbitration cutting pipeline supply, sanctions on Russian liquefied natural gas (LNG) and the coming hurricane season.

“While we think the near curve looks broadly fair value, we think Q4 24 prices look undervalued and expect market prices to reflect the reality that Russian gas flows through Ukraine will end from January 2025,” Energy Aspects said in a weekly report.

Higher prices later this year could result in LNG deliveries being deferred from September–October into November–December, supporting a 2.7 billion cubic metres (bcm) build in European floating storage, it added.

In the European carbon market, the benchmark contract CFI2Zc1 eased by 0.14 euros to 70.21 euros a metric ton.
Source: Reuters (Reporting by Nora Buli in Oslo, Editing by David Goodman)