Dutch and British gas prices mostly edged lower on Friday morning as healthy supplies and high storage levels offset cooler temperature forecasts.

The Dutch December contract TRNLTTFMc1 was down 0.79 euro at 45.81 euros per megawatt hour (MWh) by 0937 GMT, LSEG data showed.

The Dutch January contract TRNLTTFMc2 was down by 1.05 euros at 46.60 euros/MWh. The British December contract TRGBNBPMc1 was down by 1.47 pence at 117.95 p/therm.

“Comfortable supply fundamentals (with average stock levels still sitting at all-time highs above 98% fullness rate and steady flows from LNG terminals and Norway) continued to limit gains,” analysts at Engie EnergyScan said in a daily market note.

LNG sendout for Northwest Europe is expected at 2,475 gigawatt hours a day (GWh/d), up from 2,031 GWh/d on Thursday, LSEG data showed.

While European gas storage inventories have started to fall they remain at record highs for the time of year, at 98.4% full, according to the latest data from Gas Infrastructure Europe.

The strong supply offset higher demand, with temperatures expected to fall in Britain and Europe.

“The latest long-term runs show a considerable dip in temperatures this weekend, and remaining below seasonal normal for the first week into December,” consultancy Auxilione said in a daily market update.

In the European carbon market, the benchmark contract CFI2Zc1 edged down by 0.32 euro to 76.27 euros a metric ton.
Source: Reuters (Reporting by Susanna Twidale; Editing by Jan Harvey)