Dutch and British wholesale gas prices edged higher on Monday morning, recovering from a price fall on Friday and as warmer temperatures eased demand and ongoing maintenance in Norway curbed supply.
The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was up 0.60 euro at 34.45 euros per megawatt hour (MWh) or $11.53/mmBtu, by 0920 GMT, LSEG data showed.
The Dutch day-ahead contract (TRNLTTFD1) was up 0.85 euro at 34.20 euros/MWh.
The British day-ahead contract (TRGBNBPD1) was up 1.85 pence at 81p/therm.
“After the big losses at the end of the last week, we expect less movement today. Fundamentals are not very significantly changed and we expect prices to seek to consolidate,” said LSEG analyst Ulrich Weber.
Prices fell by around 3.5% Friday, LSEG data showed, after U.S. President Donald Trump accused China of violating a deal to roll back tariffs and announced a doubling of his worldwide steel and aluminium tariffs sparking more fears of a global trade war.
Total Norwegian export nominations are down 14 million cubic metres/day (mcm/d) compared with Friday’s levels, LSEG data showed.
Analysts said prices this week could be impacted by any changes to Norway’s maintenance schedule.
“As we turn fully into the new month, there is plenty of planned maintenance expected on the Norwegian assets which will see up to 100 mcm taken offline,” consultancy Auxilione said in a daily research note.
Prices remain supported by Europe’s need to replenish is gas stores which are currently 48.3% full, data from Gas Infrastructure Europe showed.
In the European carbon market, the benchmark contract ((CFI2Zc1) was up 0.92 euro at 71.33 euros a metric ton.
Source: Reuters