Dutch and British wholesale gas prices extended losses on Wednesday morning as Norway flows were steady, albeit at lower volumes amid key maintenance outages, with other supply also stable and gas storages well-filled.

The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 was down 0.40 euro at 36.60 euros per megawatt hour (MWh), or $11.86/mmBtu, by 0756 GMT, LSEG data showed.

This marks its lowest point since Aug. 26.

In the British market, the day-ahead contract TRGBNBPD1 was down 1.20 pence at 87.40 pence per therm.

“Despite lower Norwegian output, gas stocks are now squeezing the last molecules in readiness for winter and LNG deliveries remain stable for the weeks ahead,” consultancy Auxilione said in its daily market report.

Tensions in the Middle East and on the Ukraine-Russia border seem to have stabilised for now, allowing for some of the risk premiums associated with supply disruptions to erode, they added.

“A drop in oil prices and a decline in equities on doubts of the development of the global economy might have spilled over into gas prices,” LSEG analyst Ulrich Weber said in a morning report.

While Norwegian maintenance schedules have seen frequent rescheduling, the overall impact has not increased, likely calming some nerves, Weber added.

Nominations for Norwegian piped gas deliveries to continental Europe and Britain were seen at 195 million cubic metres (mcm) per day on Wednesday, compared with around 320-330 mcm/day seen in August, data from system operator Gassco showed.

Europe’s gas storage sites are 92.5% full, latest data from Gas Infrastructure Europe showed, having already hit a Nov. 1 target of being 90% full.

Russian gas producer Gazprom GAZP.MM said it would send 42.3 million cubic metres of gas to Europe via Ukraine on Wednesday, roughly the same volume as on Tuesday.

In the European carbon market, the benchmark contract CFI2Zc1 eased 0.03 euro to 68.13 euros a metric ton.
Source: Reuters (Reporting by Nora Buli in Oslo; Editing by Mrigank Dhaniwala)