British and Dutch wholesale gas prices were mixed on Tuesday as worries over an outage extension in Norway offset healthy inventories and strong flows of liquefied natural gas (LNG).

The Dutch TTF front-month contract TRNLTTFMc1 was 0.11 euro lower at 29.25 euros per megawatt hour (MWh) by 0900 GMT, its lowest level since June 2021, while the day-ahead contract TRNLTTFD1 was 0.20 euro higher at 28.50 euros/MWh, Refinitiv Eikon data showed.

Europe’s gas stocks are 66% full, latest data from Gas Infrastructure Europe showed, and LNG flows are still heading to Europe amid weaker demand in Northeast Asia.

Total Norwegian exports were nominated 13 million cubic metres (mcm)/day lower at 225 mcm/day, Refinitiv Eikon data showed, with planned maintenance at the Vesterled pipeline starting on Tuesday.

“There remains a risk of changes to the existing Norwegian maintenance schedule affecting flows to Northwest Europe,” Refinitiv analyst Yuriy Onyshkiv said.

The British day-ahead contract TRGBNBPD1 rose by 2.25 pence to 65.00 p/therm, Refinitiv Eikon data showed.

Britain’s gas market was undersupplied by 12.7 mcm on Tuesday with demand forecast at 204.1 mcm and supply at 191.4 mcm, National Grid data showed.

Peak wind power generation is forecast at 8.3 gigawatts (GW) for Tuesday and at 4.9 GW on Wednesday, out of a total metered capacity of 22 GW, Elexon data showed.

Maintenance at the Isle of Grain LNG terminal on Tuesday and Wednesday is slightly affecting LNG sendout; however, it is offset by weak demand.

The weather is forecast to be warm in June and a couple of degrees above seasonal normal, consultancy Auxilione said in a morning note, further dampening prices.

On the European carbon market, the benchmark contract CFI2Zc1 was down 1.04 euro to 86.72 euros a tonne.
Source: Reuters (Reporting By Marwa Rashad; Editing by Susanna Twidale)