Dutch and British wholesale gas prices edged lower on Friday morning, continuing to fall from a recent three-week high, as steady supply helped to offset cooler temperatures.

The benchmark front-month contract at the Dutch TTF hub was down 0.08 euro at 37.3 euros per megawatt hour (MWh), or $12.17 mmBtu, by 0814 GMT, LSEG data showed.

The November contract TRNLTTFMc2 was down 0.23 euros at 38.02 euros/MWh.

In the British market, the front-month contract TRGBNBPMc1 was 0.50 pence lower at 90 pence per therm.

Total exports from Norway were expected 7 million cubic metres (mcm) higher compared to the previous day at 277 mcm/day, LSEG data showed.

Flows also resumed through the Britain-Netherlands gas pipeline following maintenance and supply of gas to Europe from Russia via Ukraine remained stable.

Russia’s Gazprom GAZP.MM said it will send 42.4 million cubic metres of gas to Europe via Ukraine on Friday, the same volume as on Thursday.

Temperatures are expected to fall next week, increasing gas demand, but prices are still correcting after hitting a three-week high of 38.15 euros on Wednesday this week.

“Prices are falling this morning, probably on profit taking. But it is not certain that this will last because the short-term fundamental trend seems bullish,” analysts at Engie EnergyScan said.

Analysts at Energy Aspects also said prices are likely rise as winter approaches.

“We think the (Dutch) TTF must price high enough to moderate the seasonal increase in power-sector gas burn and to attract spot LNG supply from Asia to avoid drawing down end-March 2025 stocks too aggressively,” Energy Aspects said in a research note.

European storages are currently 94% full, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark EU carbon permit contract CFI2Zc1 was down 0.80 euro at 65.72 euros per metric ton.
Source: Reuters (Reporting By Susanna Twidale; editing by Nina Chestney)