Dutch and British wholesale gas prices were mostly down on Wednesday morning amid stable supply.

The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was 0.67 euro lower at 34.73 euros per megawatt hour (MWh) by 0904 GMT, while the November contract was down by 0.46 euro at 36.58 euros/MWh, LSEG data showed.

In the British market, the day-ahead contract TRGBNBPD1 was 1.25 pence lower at 82.00 pence per therm, while the October contract TRGBNBPMV4 rose by 1.08 pence to 83.75 pence/therm.

Total Norwegian export nominations are up by 27 million cubic metres (mcm) at 235 mcm/day as the impact from an outage at the Kollsnes gas processing plant in Norway has been reduced and the Troll field has been able to ramp up.

The impact of the Kollsnes outage is greater tomorrow but this could mainly affect flows through the Langeled pipeline to Britain and not towards continental Europe, said Saku Jussila, gas analyst at LSEG.

After a slump in prices on Monday, they rebounded yesterday on technical buying but also as Russian drones attacked energy facilities in Ukraine’s northeastern city of Sumy.
On Wednesday, the regional authorities said no people were injured in the attack based on preliminary information but repeated strikes on the region’s energy facilities have strained the system.

“With yesterday’s rebound, the market seems to believe that the comfortable level of spot fundamentals (reflected in EU stock levels, which were 93.41% full on average on Sept. 16) remains under threat from the various risk factors, particularly on supply,” said analysts at Engie EnergyScan.

In the European carbon market, the benchmark contract CFI2Zc1 was 0.73 euro lower at 63.61 euros per metric ton.
Source: Reuters (Reporting by Nina Chestney)