Dutch and British wholesale gas prices declined on Thursday morning due to profit taking and forecasts of stronger wind wind generation.
The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.10 euro at 34.28 euros per megawatt hour (MWh), or $11.45/mmBtu, at 0804 GMT, LSEG data showed.

The Dutch September contract (TRNLTTFMc2) was down 0.13 euro at 34.82 euros/MWh.

The British front-month contract (TRGBNBPMc1) was down by 0.54 pence at 82.35 pence per therm.

“Technically, the market appears poised for a potential downward correction,” said Yuriy Onyshkiv, gas analyst at LSEG.

“Prices are encountering strong resistance at current levels following three consecutive days of gains. Additionally, slightly lower demand, driven by stronger wind generation, could exert modest bearish pressure,” he added.

Peak wind generation in Britain is forecast at 8.1 gigawatts (GW) on Thursday, rising to 10.7 GW tomorrow, Elexon data showed.

Stronger wind output typically reduces demand for gas from power plants.

Norwegian exports are stable. North-west Europe’s liquefied natural gas (LNG) send-out has dipped due to drop in nominations at the Gate LNG terminal in the Netherlands.

In the European carbon market, the benchmark contract (CFI2Zc1) inched down by 0.10 euro to 72.76 euros a metric ton.
Source: Reuters