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Europe Gas: Prices edge lower on profit taking, mixed temperature outlook

Wednesday, 05 February 2025 | 01:00

Dutch and British wholesale gas prices edged lower on Tuesday morning on some profit-taking after prices reached a fresh 15-month high on Monday amid a mixed temperature outlook this week.

The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was down 0.65 euro at 53.10 euros per megawatt-hour (MWh), or $16.10/mmBtu, by 0925 GMT, according to LSEG data..

The contract hit an intra-day high of 54.61 euros/MWh on Monday, its highest level since October 2023.

Analysts at Engie EnergyScan said prices had weakened on profit-taking on Tuesday, but fundamentally, the market remains strong.

The Dutch April contract (TRNLTTFMc2) was down 0.45 euro at 53.20 euros/MWh.

In Britain, the front-month contract (TRGBNBPMc1) fell 1.15 pence at 129.9 p/therm.

Analysts at LSEG said temperatures were expected to rise around 2 degrees Celsius in Northwest Europe for Wednesday but that cooler temperatures towards the end of the week will follow this.

“Temperature forecasts are still limiting the downside as the duration of that cold spell remains uncertain,” said LSEG analyst Ulrich Weber.

Europe’s gas stores are currently 52.65% full, data from gas Infrastructure Europe showed.

“Colder temperatures are expected for the week ahead, much lower than seasonal normal levels, which is likely to add some further pressure to EU gas stocks,” analysts at consultancy Auxilione said.

In the European carbon market (CFI2Zc1), the benchmark contract was down 0.33 euros at 80.63 euros a metric ton.
Source: Reuters

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