Dutch and British wholesale gas prices rose slightly on Thursday morning, trading in a narrow range, as the market awaits fresh European sanctions on Russia while supply remains stable.
The benchmark Dutch front-month contract at the TTF hub was up 0.11 euro at 32.58 euros per megawatt hour (MWh) or $11.30/mmBtu, by 0917 GMT, LSEG data showed.
The Dutch day ahead contract (TRNLTTFD1) was up 0.12 euro at 32.27 euros/MWh.
The British front-month gas price (TRGBNBPMc1) was up 0.37 pence at 80.05 pence per therm.
“The market is expected to trade sideways with robust LNG sendout and softer demand largely offset by higher power burn and lingering Norwegian constraints,” said LSEG analyst Oleh Skrynyk.
Local distribution non-zone demand, which includes power stations, is down by 161 gigawatt hours per day for the day ahead at 735 GWh/d, LSEG data showed. Total Norwegian exports are stable at 236 million cubic meters.
The market is waiting for news on the European Commission’s 19th sanction package on Russia in response to the war in Ukraine, and whether there is any discussion of peace talks during U.S. President Donald Trump’s state visit to Britain this week.
The EU currently plans to end purchases of Russian oil and gas by January 1, 2028.
In the European carbon market, the benchmark contract (CFI2Zc1) was up 1.07 euro at 78.05 euros a metric ton.
Source: Reuters