Dutch and British gas prices firmed on Tuesday, with forecasts suggesting slightly stronger demand although both pipeline and liquefied natural gas (LNG) supply remains robust.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was up 0.16 euros at 27.33 euros per megawatt hour (MWh), or $9.33/mmBtu, by 0913 GMT, LSEG data showed.

On Monday, it hit 26.75 euros/MWh, its lowest level since April 2024.

The Dutch day-ahead contract (TRNLTTFD1) eased 0.03 euros to 26.77 euros/MWh.

The British day-ahead gas price (TRGBNBPD1) was up by 1.85 pence at 68.60 pence.

Gradually colder weather, albeit still above the seasonal norm, and a drop in wind power generation are starting to lift demand over the coming days, LSEG analyst Saku Jussila said.

Peak wind power generation in Britain will ease from 21,413 megawatts (MW) on Tuesday to 20,863 MW on Wednesday, Elexon data showed, with output hitting a new record of 23,825 MW on Friday.

In the United States, the Golden Pass LNG export plant in Texas received a cool down cargo, marking a major step towards its start of operations.
“The start-up of LNG export capacity, particularly from the U.S., will leave global LNG markets and the European gas market increasingly more comfortable,” analysts at ING said in a note.

“However, the ramp-up of US LNG exports risks leaving the US gas market tighter,” they added.

U.S. natural gas futures, which hit their highest levels in nearly three years on Friday, fell about 7% on Monday, increasing their discount to the TTF, which had narrowed in recent weeks, raising some concerns over future exports.

EU gas storage sites were last 72.31% full, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract (CFI2Zc1) was up 0.45 euro at 82.43 euros a metric ton.
Source: Reuters