Dutch and British wholesale gas prices were steady on Thursday amid weak demand and as the market awaited news of fresh European sanctions on Russia.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was down 0.15 euros at 33.06 euros per megawatt hour (MWh), or $11.43/mmBtu, by 0829 GMT, LSEG data showed.

The Dutch day-ahead contract (TRNLTTFD1) was down 0.13 euros at 32.67 euros/MWh

The British day-ahead gas price (TRGBNBPD1) was up 0.30 pence at 80.60 pence per therm.

“On the fundamental side, total demand is forecast to decrease slightly (in Northwest Europe) on day-ahead,” LSEG analyst Dzmitry Dauhalevich said in a daily research note.

In Northwest Europe non local distribution zone demand, which includes power stations, was forecast to decrease by 150 gigawatt hours/day to 1,508 GWh/d for the day-ahead, LSEG data showed.

The European Commission is preparing its 19th package of sanctions on Russia in response to the Ukraine war, with U.S. energy secretary Chris Wright and EU energy commissioner Dan Jorgensen set to hold discussions on Thursday in Brussels on efforts to restrict Russian energy trade.

“Uncertainty over winter demand and ongoing risks in other supply regions leave prices vulnerable to sudden swings,” analysts at Northern Gas and Power said in a daily research note.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.46 euro at 76.64 euros a metric ton.
Source: Reuters