Dutch and British wholesale gas prices were little changed on Wednesday morning amid stable supply and weak demand.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) inched up by 0.10 euro per megawatt hour (MWh) to 36.84 euros/MWh by 0824 GMT, while the July contract (TRNLTTFMc2) was also up 0.10 euro at 36.95 euros/MWh, LSEG data showed.

The British day-ahead contract (TRGBNBBD1) was down 0.70 pence at 87.80 pence per therm.

North-west Europe should experience above-normal temperatures from next week and wind generation is quite strong, which usually lowers demand from gas-fired power plants, LSEG data showed.

Maintenance at Norway’s Troll field is ongoing until May 31 and led to lower gas flows at the start of the week.

But total Norwegian exports are slightly higher at 278 million cubic metres (mcm) compared to the previous day as the Kvitebjorn and Aasta Hansteen fields ramp up after outages ended.

There is an unplanned outage at Visund with a 5 mcm/day impact and operator Gassco has said the duration is uncertain.

“EU gas storage continues to tick higher, standing at just under 47% full, down from 69% at the same stage last year and below the 5-year average of 58% full,” said analysts at ING.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.13 euro at 71.63 euros a metric ton.
Source: Reuters