Dutch and British gas prices were mixed on Monday morning on lower Norwegian supply due to unplanned outages and cooler forecasts while gas inventories remain high.

The day-ahead contract at the Dutch TTF hub was up 0.70 euro at 29.40 euros per megawatt hour (MWh) at 0933 GMT, LSEG data showed.

The benchmark front-month contract was down 0.65 euro at 28.85 euros/MWh.

In Britain, the day-ahead contract was up 0.75 pence at 70.75 pence per therm.

Norwegian gas system operator Gassco on Sunday announced two unplanned outages, one at the Nyhama gas processing plant with an impact of 57 million cubic metres per day (mcm/d) and a compressor failure at Troll field with an impact of 24 mcm/d.

The outages are supposed to last one day, but if they last longer, “market reaction could be stronger” analysts at Engie’s EnergyScan said.

European gas stores are currently 69.14% full, the latest data from Gas Infrastructure Europe showed.

“With such stock levels, the European gas balance can cope with supply outages… provided that they remain very limited in time,” EnergyScan analysts said.

LSEG analyst Wayne Bryan said the changes to weather forecasts in recent days could provide some support with temperatures now a lot cooler on working days next week.

Relatively mild temperatures will persist during the weekend and early next week but are later expected to fall to 1-3 °C below normal, LSEG data showed.

In Britain, gas for power demand was revised higher due to a notable drop in wind speeds, leading to a tighter UK balance and a need for stronger withdrawals from storage next week, Wayne said.

Peak wind power in Britain was forecast at 16.2 gigawatts (GW) on Monday and at 16.5 GW on Tuesday, out of a total metered capacity of 23 GW, data from Elexon showed.

In the European carbon market, the benchmark contract CFI2Zc1 was down 0.50 euros at 62.90 euros per metric ton.
Source: Reuters (Reporting by Marwa Rashad; editing by Jason Neely)