Dutch and British wholesale prices were mostly lower on Monday morning on weak demand and higher wind generation but with tensions in the Middle East still a risk.
The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub were down 0.63 euro at 40.20 euros per megawatt hour (MWh) by 0838 GMT, while the December contract was 0.23 euro lower at 41.10 euros/MWh, LSEG data showed.
The British day-ahead price was 0.30 pence lower at 97.50 pence per therm.
Local distribution zone demand in north-west Europe has decreased due to average temperatures expected to be up by 1.43 degrees Celsius for the day-ahead.
Gas demand from power plants is also down due to higher wind output.
In Britain, wind generation is currently supplying 9.48 gigawatts to the grid, equivalent to 30.1% of total power generation, said analysts at Northern Gas and Power.
But temperatures for the weekend in Britain are forecast to fall after warmer weather this week.
Concerns remain over potential attacks on energy infrastructure in Isreal and Iran. Brent crude prices rose by more than 8% last week, the biggest weekly gain since January 2023. O/R
“TTF prices are weakening this morning. But it is still too early to know whether this is just (temporary) profit taking or a real downtrend,” said analysts at Engie EnergyScan.
In the European carbon market, the benchmark EU carbon permit contract CFI2Zc1 fell by 1.31 euro to 60.74 euros per metric ton.
Source: Reuters (Reporting by Nina Chestney)