EUROPE GAS-Prices rise on news EU to work on flexible gas storage targets

Updates prices

LONDON, Feb 18 (Reuters) - Dutch wholesale gas contracts recouped earlier losses that sent prices close to four-week lows and rose after a draft EU will work on more flexible gas storage filling targets.

The European Commission will work on more flexible targets for EU countries to refill their gas storage ahead of winter, a draft EU document showed, after concerns among some governments that Europe's strict filling deadlines could drive up prices.

The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 reversed its earlier losses and rose by 1.63 euros to 49.45 euros per megawatt hour (MWh), or $15.16/mmBtu, by 1645 GMT, according to LSEG data.

The contract earlier traded at 47.15 euros/MWh, its lowest level since January 20.

The Dutch April contract TRNLTTFMc2 was up 1.85 euros at 49.58 euros/MWh.

In Britain, the day-ahead contract TRGBNBPD1 was up 0.8 pence at 118.55 p/therm.

The TTF benchmark front-month contract has fallen around 16.5% since hitting an intra-day two-year high on February 10 of 59.27 euros/MWh, according to LSEG data.

The European Union's current targets, introduced in 2022 after Russia slashed gas deliveries to Europe, require member countries to refill their storage caverns to 90% of capacity by November, with intermediate targets for February, May, July and September.

A draft European Commission document, due to be published next week, said: "The Commission will work with member states, also in the context of the gas storage regulation extension, to promote more coordinated and flexible gas storage refilling, including with dynamic targets."

This will "reduce system stress linked to gas storage refilling", added the document.

EU gas storage sites have depleted faster this winter because of colder and less windy weather and are now about 44.05% full, data from Gas Infrastructure Europe shows.

U.S. and Russian officials were meeting on Tuesday in Riyadh which could pave the way for a summit between U.S. President Donald Trump and his Russian counterpart.

In the European carbon market CFI2Zc1, the benchmark contract was down 1.76 euro at 75.45 euros a metric ton.