Dutch and British gas prices opened slightly weaker on Monday morning, with a current cold spell expected to be short-lived, although winter risks from lower year-on-year storage and reliance on liquefied natural gas (LNG) imports remain.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.20 euro at 31.72 euros per megawatt hour (MWh), or $10.79/mmBtu, by 0804 GMT, LSEG data showed.

The Dutch day-ahead contract (TRNLTTFD1) was down 0.65 euro at 31.98 euros/MWh.

The British day-ahead contract (TRGBNBPD1) fell 0.8 pence to 81.20 pence per therm.

The market opened lower, driven by a mild weather forecast for the end of October, senior market analyst Karsten Sander Nielsen at Mind Energy said in a morning report.

The gas market has yet to react to threats from U.S. President Donald Trump of 100% tariffs on Chinese exports to the United States, Nielsen added.

“This week will be quite cool and dry, but next week will be more active and milder with near or above normal temperatures and rain,” LSEG meteorologist Georg Mueller said.

Higher demand for both heating and power generation, as well as lower LNG amid ongoing strikes at French terminals, offered some support for the Dutch day-ahead, LSEG analyst Yuriy Onyshkiv said in a morning report.

Strikes will continue to impact the send-out of LNG from terminals Fos Cavaou, Fos Tonkin and Montoir until Wednesday and Thursday, respectively, operator Elengy said.

“European gas hub prices are likely to remain somewhat supported through Q4 2025,” analysts at Timera Energy said in a note, adding Europe is continuing to bid aggressively for LNG cargoes rather than relying on rapid storage withdrawal.

The continent entered the winter season with around 10 million tonnes less gas in storage compared to a year ago, offering limited headroom for withdrawals in case of a cold winter, the analysts said.

EU gas storage sites were last 83% full, compared with 94.9% at the same time last year, Gas Infrastructure Europe data showed.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.64 euro at 79.04 euros a metric ton.
Source: Reuters