Dutch and British gas prices fell further on Wednesday afternoon with the benchmark contract touching a fresh 19-month low as updated temperatures forecasts signalled milder weather.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.73 euros at 26.76 euros per megawatt hour (MWh), or $9.12/mmBtu, by 1313 GMT, LSEG data showed, its lowest intraday level since April, 2024.

The Dutch day-ahead contract (TRNLTTFD1) eased 0.69 euros to 26.66 euros/MWh.

The British front-month gas price (TRGBNBPMc1) was down by 0.60 pence at 68.90 pence.

“It’s the mild weather combined with overall looseness in the gas market,” LSEG analyst Saku Jussila said.

The latest weather forecasting runs have shown milder temperatures than usual for the time of year from 17 December onwards, she said.

Strong supplies of gas also added to the bearish sentiment.

“On the supply side, Norwegian gas is flowing to Europe slightly above 340 million cubic metres/day this morning,” analysts at Engie EnergyScan said.

Sendout of liquefied natural gas was also high, expected at 2,176 gigawatt hours/day, up around 100 GWh/d compared with Tuesday, LSEG data showed.

EU gas storage sites are currently 71.83% full Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.31 euro at 82.54 euros a metric ton.
Source: Reuters