Dutch and British wholesale gas prices rose on Thursday morning, supported by ongoing Norwegian maintenance and forecasts of lower wind output, while the market monitors Russia-Ukraine developments.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) inched up by 0.93 euro to 36.28 euros per megawatt hour (MWh) by 0834 GMT, LSEG data showed.
The British front-month contract (TRGBNBPMc1) was 2.61 pence higher at 85.76 pence per therm.

Total Norwegian export nominations dropped by 35 million cubic meters per day (mcm/d) to 262 mcm/d as Kollsnes and Troll maintenance began. This heavy maintenance at Kollsnes will last until June 17, with a lower impact afterwards, LSEG data showed.

Higher impact or extension at given outages should be the main bullish risk today, said Ulrich Weber, an analyst with LSEG.

Wind power generation should see an accumulated drop of up to 320 gigawatt hour per day (GWh/d), Weber added.

Concerns return in today’s session as the market follows how Russia would retaliate to the Ukrainian attack on its military aircraft over the weekend, consultancy Auxilione said in a morning note.

Russian President Vladimir Putin told U.S. President Donald Trump on Wednesday that he would have to respond to Ukrainian drone attacks on Russia’s nuclear-capable bomber fleet.

After Ukraine bombed bridges and attacked Russia’s fleet of bombers deep in Siberia and Russia’s far north, Putin on Wednesday said he did not think Ukraine’s leaders wanted peace.

In north-west Europe, temperatures are expected to rise on the day ahead by 0.6 degrees Celsius but should decline slowly to normal towards the end of this week, LSEG data showed.

In the European carbon market, the benchmark contract (CFI2Zc1) edged up 0.72 euro to 73.33 euros a metric ton.
Source: Reuters