Dutch and British wholesale gas prices fell on Thursday morning after hitting their highest level in more than six weeks on Wednesday, as Norwegian supply rose again following maintenance.

The benchmark Dutch front-month contract (TRNLTTFMc1) was down 0.05 euros at 37.00 euros per megawatt hour by 0858 GMT.

The British contract for June was down 0.43 pence to 89.02 pence per therm, while day-ahead gas (TRGBNBPD1) was down 1.37 pence at 87.88 p/therm.

Heavy maintenance in Norway has supported prices this week, but on Thursday total Norwegian exports rose sharply by 85 million cubic meters per day (mcm/d) to 243 mcm/d, following the end of the full shutdown at Kollsnes and Troll, with flows to the continent expected to increase by 67 mcm/d to 201 mcm/d, LSEG data shows.

Local distribution zone (LDZ) demand, mainly used for heating, is rising on the day ahead by 144 gigawatt hours per day (GWh/d) to 1360 GWh/d, driven by a drop in temperatures. Additionally, wind generation, while elevated, is expected to fluctuate, potentially supporting gas for power demand, said LSEG analyst Oleh Skrynyk.

Norway’s Troll field outage was extended twice, adding a total of 63 mcm/d of unavailable capacity for Thursday.

“The Troll outage extension this morning has introduced bullish sentiment and increased uncertainty for the DA outlook. While the base case remains sideways to bearish, the uncertainty around Norwegian flows could limit downside potential,” Skrynyk said.

Traders are also taking profits from Wednesday’s rise.

“For now, this decline, fuelled mainly by profit-taking, appears too weak to reverse the bullish momentum.

EU gas storage inventories are 45.15% full, according to Gas Infrastructure Europe data.

In the European carbon market, the benchmark contract (CFI2Zc1) was almost flat at 72.73 euros per metric ton.
Source: Reuters