Dutch and British gas prices were stable early on Friday on healthy supply and forecasts for slightly cooler temperatures.
The Benchmark Dutch November gas contract TRNLTTFMc1 edged up 0.48 euros to 50.88 euros per megawatt hour (MWh) by 0925 GMT.
“TTF November 2023 prices continue to trade without a clear trend,” analysts at Engie EnergyScan said.
The equivalent British November contract TRGBNBPMc1 was up 1.73 pence at 127.63 p/therm.
Supply was strong with a slight increase in exports from Norway with piped exports nominated at 313 million cubic metres (mcm)/ day up 7mcm/d up from the previous day, LSEG data showed.
Supply from Russia remained stable. Russia’s Gazprom GAZP.MM said it would send 42.4 million cubic metres (mcm) of gas to Europe via Ukraine on Friday, the same volume as on Thursday.
Europe’s gas storage sites were 98.7% full, latest data from gas Infrastructure Europe showed.
A slightly cooler weather forecast however buoyed prices.
“The latest (weather) forecast for a slightly cooler beginning of December can provide a bullish sentiment. But given the uncertain nature of the weather forecast for the longer period, this should be considered as a minor factor,” LSEG analyst Saku Jussila said in a daily market note.
The Dutch Day-ahead contract TRNLTTFD1 was down 0.45 euro at 47.75 euros/MWh.
The British day-ahead TRGBNBPD1 contract fell by 1 p to 117.50 p/therm.
In the European carbon market, the benchmark contract CFI2Zc1 was up 0.52 euro to 80.17 euros a tonne.
Source: Reuters (Reporting By Susanna Twidale; editing by David Evans)