British and Dutch wholesale prices were rangebound on Thursday morning amid lower demand and a rise in LNG supply.
The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was up 0.75 euro at 47.85 euros per megawatt hour (MWh) by 0912, while the day-ahead contract was 0.45 euro lower at 47.20 euros/MWh, LSEG data showed.
In Britain, the day-ahead price inched up by 0.50 pence to 114.00 pence per therm.
Demand for heating is forecast to fall by 868 gigawatt hours per day (GWh/d) to 3,606 GWh/d in north-west Europe for the day ahead as average temperatures are expected to peak at 8.3 degrees Celsius tomorrow, according to LSEG data.
Gas-for-power demand is also forecast lower.
Total LNG send-out for north-west Europe is ecpected to rise today due to an increase in nominations at Netherlands’ Gate terminal.
A rebound in European spot gas prices on Tuesday was short-lived as prices have retreated again, said analysts at Engie EnergyScan.
“This downtrend is underpinned by the improvement in European spot fundamentals and by the fact that Asian buyers indicate that they don’t want to overbid,” they said.
“But if TTF prices fall to the point where they approach Brent prices, Asian buyers’ willingness to pay could increase,” they added.
In the European carbon market (CFI2Zc1), the benchmark contract was down 1.01 euro at 73.01 euros a metric ton.
Source: Reuters