Dutch and British wholesale gas prices edged lower on Thursday morning as strong supply and rising gas stock levels weighed on the market.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.31 euro at 31.94 euros per megawatt hour (MWh) or $10.91/mmBtu, by 0803 GMT, LSEG data showed.

The Dutch day-ahead contract (TRNLTTFD1) was down 0.23 euro at 31 euros/MWh.

The British day-ahead gas price (TRGBNBPMc1) was down 0.70 pence at 77.10 pence per therm.

“The market appears calm, as Europe has managed to fill up storages significantly during summer and supply concerns are currently low despite maintenance work in Norway,” analysts at Mind Energy said in a daily research note.

Europe’s gas stores are 78.3% full, the latest data from Gas Infrastructure Europe showed.

Total Norwegian export nominations were up 7 million cubic metres/day at 254 mcm/d, LSEG data showed.

Liquefied natural gas supply also rose with sendout for Northwest Europe expected up 135 gigawatt hours a day at 2,388 GWh/d, LSEG data showed.

“Today’s market is expected to remain rangebound, with no significant new drivers to either support or pressure prices,” LSEG analyst Yuriy Onyshkiv said in a daily research note.

In the European carbon market, the benchmark contract (CFI2Zc1) was up 0.22 euro at 75.17 euros a metric ton.
Source: Reuters