Dutch and British gas prices traded in a narrow range on Monday morning, as a rise in Norwegian production offset below-normal temperatures.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.35 euros at 32.25 euros per megawatt hour (MWh), or $11.070/mmBtu, by 0820 GMT, LSEG data showed.

The Dutch day-ahead contract (TRNLTTFD1) was down 0.05 euros at 32.10 euros/MWh.

The British front-month gas price (TRGBNBPMc1) was down 1.16 pence at 80.45 pence per therm while the day-ahead contract (TRGBNBPMc1) fell by 0.60 pence to 80.00 p/therm.

Total Norwegian export nominations rose by 11 million cubic meters per day to 321 mcm/d as most field maintenances have come to an end. Only Troll and Njord fields are impacted at 7 mcm/d each, LSEG data showed.

Temperatures across Northwest Europe are expected to drop by almost 3 degrees Celsius below normal over the coming days, averaging as low as 10 degrees Celsius later this week.

On the day ahead, local distribution zone (LDZ) demand, which refers to residential demand for heating, is expected to fall slightly by 24 gigawatt hour per day to 1481 GWh/d.

EU gas storage sites were 82.32% full, Gas Infrastructure Europe data showed.

Europe looks on track to have an adequate end-October storage fill, Energy Aspects analysts said in a weekly note.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.55 euros at 75.43 euros a metric ton.
Source: Reuters