Dutch and British gas prices continued their downtrend and fell further on Thursday morning as warmer weather continues to curb demand, while the market is monitoring the impact of Trump’s “Liberation Day” tariff plan.

The Dutch front-month contract (TRNLTTFMc1) was down 0.89 euro at 40.60 euros per megawatt hour (MWh) or $12.80/mmBtu, by 0827 GMT, LSEG data showed.

The Dutch day-ahead contract (TRNLTTFD1) was down 1.05 euro at 39.95 euros/MWh.

The British day-ahead contract (TRGBNBBD1) was down 1.70 pence at 98.80 p/therm.

Gas demand for heating across Northwest Europe is forecast to be lower across the prompt with an upwards revision to temperatures, LSEG data showed.

President Donald Trump’s move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.

“The global demand growth outlook is now on unsteady footing with Trump’s reciprocal tariffs likely resulting in price hikes, which will in turn dampen demand across the world,” said LSEG analyst Wayne Bryan.

On the gas side, it is hard to imagine that the majority of the U.S. trade partners would retaliate by raising tariffs on LNG imports from this country, but some might, and China in particular because it has other energy alternatives, analysts at Engie’s EnergyScan said in a morning note.

“For Europe, it would be much more difficult. The United States supplied 46% of European LNG imports in 2024. A trade partner with such a high market share cannot be considered as a marginal supplier,” EnergyScan analysts said.

The market remains in a zone that shows that it has not yet chosen a clear direction, especially with lack of progress on U.S.-led peace talks to end the war in Ukraine.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 1.54 euro at 67.02 euros a metric ton.
Source: Reuters