British and Dutch wholesale gas prices mostly rose on Friday morning as Norwegian exports fell and weather forecasts for Britain were revised.

The Dutch November contract was 6.50 euros higher at 113.00 euros per megawatt hour (MWh) by 0857 GMT, while the December contract was 7.90 euro higher at 145.00 euros/MWh.

The British price for November delivery rose by 26.00 pence to 230.00 pence/therm.

Flows from Norway through the Langeled pipeline to Britain are down 14 million cubic metres (mcm) at 24 mcm/day.

“Prices are up again this morning, probably supported by the additional drop in Norwegian supply due to corrective maintenance at Troll,” analysts at Engie EnergyScan said.

Weather forecasts for Britain have also been revised, now showing cooler weather than previously for the start of November, Refinitiv Eikon data showed.

On Thursday, the International Energy Agency (IEA) said demand for fossil fuels such peak sooner than expected, with gas seen peaking by 2030. It also expects gas demand to rise by less than 5% by 2030.

Dutch gas for day-ahead delivery fell by 6.08 euros to 28.92 euros/MWh and the weekend contract TRNLTTFWE was down 2.00 euros at 27.00 euros/MWh.

Liquefied natural gas (LNG) output remains robust.

More COVID restrictions in China should mean its liquefied natural gas (LNG) imports should remain muted until at least the year-end. This should ensure the record level of cargoes into north-west Europe continues, gas analysts at Refinitiv said.

British Gas owner Centrica said it has reopened its Rough gas storage site off England’s east coast, which is operating at about 20% of its previous capacity.

The site, which was the largest storage site in Britain, closed in 2017 due to the cost of maintenance.

In the European carbon market, the benchmark contract CFI2Zc1 was 1.75 euros higher at 81.96 euros a tonne.
Source: Reuters (Reporting by Nina Chestney)