Dutch and British wholesale gas prices edged lower on Friday morning as strong liquefied natural gas supply offset a rise in heating demand.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.44 euro at 31.95 euros per megawatt hour (MWh) or $10.84/mmBtu, by 0915 GMT, LSEG data showed.

The Dutch day-ahead contract (TRNLTTFD1) was down 0.67 euro at 32.13 euros/MWh.

The British day-ahead gas price (TRGBNBPD1) was down 0.40 pence at 82.10 pence per therm.

Northwest Europe LNG sendout is up +92 gigawatt hour per day to around 2,322 GWh/d, mainly from higher French nominations, said LSEG analyst Oleh Skrynyk.

However, heating demand is stronger, rising by +144 GWh/d to 1,490 GWh/d. Gas for power demand is also rising by 364 GWh/d to 2,775 GWh/d on cooler weather and weaker wind, he added.

Norwegian exports remain steady at 312  million cubic metres per day, but the Troll gas field outage extension and upcoming cuts add a light risk premium, LSEG data showed.

“The market is expected to trade rangebound with a slight topside bias, supported by demand gains and softer wind, while higher LNG and reduced Italian pull cap upside,” Skrynyk said.

Traders said that Egypt was deferring between 15-20 LNG cargo deliveries from Q4 2025 into next year due to lower-than-expected demand.

Analysts at Engie’s EnergyScan said that this seems to have exerted downward pressure on European gas prices.

Europe’s gas storage sites are 82.82% full, latest data from Gas Infrastructure Europe showed.

In the European carbon market, the benchmark contract (CFI2Zc1) was up 0.30 euro at 79.53 euros a metric ton.
Source: Reuters