Dutch and British wholesale gas prices edged lower on Thursday morning as warm temperatures curbed demand and supply from Norway rebounded slightly as maintenance eased.
The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.4 euro to 36.35 euros per megawatt hour (MWh) or $12.01/mmBtu by 0917 GMT, LSEG data showed.
The Dutch July contract (TRNLTTFMc2) was up 0.45 euro at 36.53 euros/MWh.
The British front-month contract (TRGBNBPMc1) was down 0.72 pence at 87.55p/therm.
“Demand is still headed slightly down due to warmer temperatures,” LSEG analyst Saku Jussila said.
For Northwest Europe local distribution demand, which is primarily used for heating, was expected to fall by 84 gigawatt hours/day (GWh/d) for the day-ahead to 672 GWh, LSEG analyst Jussila said.
Total Norwegian export nominations are up 11 million cubic metres/day (mcm/d) at 292 mcm/d, as production ramped up at the Troll gas field after maintenance impact was revised down, LSEG data showed.
Prices remain supported by Europe’s need to replenish its gas stores which are currently 46.9% full, data from Gas Infrastructure Europe showed.
In the European carbon market, the benchmark contract (CFI2Zc1) was up 0.17 euro at 72.18 euros a metric ton.
Source: Reuters