Dutch wholesale gas prices were largely flat, continuing to trade in a narrow range, amid muted demand, higher solar output and stable supply.

The benchmark Dutch front-month contract (TRNLTTFMc1) edged down by 0.10 euro to 35.60 euros per megawatt hour (MWh) by 0742 GMT, while the July contract was 0.14 lower at 35.66 euros/MWh, LSEG data showed.

North-west Europe gas demand is forecast slightly lower and wind output forecasts are slightly higher from tomorrow to May 18.

Solar output is expected to be above normal levels until at least May 25, LSEG data showed.

Higher renewables generation typically lowers demand for gas. Imports from Norway and liquefied natural gas send-out were stable.

The EU’s energy commissioner said on Tuesday that the bloc does not intend to revive its imports of Russian energy after a potential peace deal between Ukraine and Russia.

But potential Ukraine-Russia peace talks on Thursday which could be attended by U.S. President Donald Trump will be closely watched by the market.

Analysis by Allianz Trade showed that to reach a European target of 90% storage fill by Nov. 1, the EU needs around 57.7 billion cubic meters (bcm) of gas to be injected during the refilling season, around 25.8 bcm more than in 2024.

“At current prices, that additional gas bill would be around 10 billion euros. Gas traders are moving carefully because many market participants anticipate prices dipping further in the coming months amid low demand,” the analysts said.

But delaying restocking for too long could result in a buying rush that could spike prices in late summer, they added.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.35 euro at 73.06 euros a metric ton.
Source: Reuters