Dutch and British wholesale gas prices were steady on Tuesday morning as stronger gas demand for heating amid cooler temperatures offset lower demand from power plants.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was up 0.13 euro at 32.05 euros per megawatt hour (MWh) or $11.07/mmBtu, by 0811 GMT, LSEG data showed.

The British front-month gas price (TRGBNBPMc1) was up 0.38 pence at 79.68 pence per therm.

The British day-ahead contract (TRGBNBPD1) was up 0.45 p at 80 p/therm.

In Northwest Europe non-local distribution zone demand, which includes power stations, was forecast to fall by 213 gigawatt hours/day to 1,988 GWh/d for the day-ahead, LSEG data showed, as wind power ramps up.

“It (wind power output) is expected above normal levels until Saturday before dropping towards next week,” LSEG analyst Saku Jussila said in a daily research note.

Local distribution zone demand, which includes home heating is expected up 230GWh/d at 1,719GWh/d for the day-ahead, the LSEG data showed.

The European Commission last week said it plans to ban Russian LNG imports into the bloc a year earlier than envisaged as part of a 19th package of sanctions against Moscow.

“The market appears undisturbed about the EU effort to speed up the phase-out of Russian gas and instead focuses on bearish signals such as rising inventory levels across the continent and rising flows from Norway following the end of maintenance season,” analysts at Mind Energy said in a daily research note.

Europe’s gas stores are 81.9% full, latest data from Gas Infrastructure Europe showed.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.03 euro at 76.12 euros a metric ton.
Source: Reuters