tradingkey.logo

EUROPE GAS-Prices edge higher on cooler temperature forecasts, Norwegian maintenance

ReutersApr 1, 2025 8:31 AM

- Dutch and British gas prices edged higher on Tuesday morning on forecasts for cooler temperatures from the weekend and ahead of maintenance at some Norwegian infrastructure later this week.

The Dutch front-month contract TRNLTTFMc1 was up by 0.34 euro to 40.69 euros per megawatt hour (MWh) or $12.88/mmBtu, by 0818 GMT, LSEG data showed.

The Dutch June contract TRNLTTFMc2 was up 0.37 euro at 41.24 euros/MWh.

The British day-ahead contract TRGBNBBD1 was up 1.25 pence at 98.25p/therm.

Temperatures are expected to fall below normal at the weekend which could lift gas demand and slow injections into gas storage.

"We also have the first big bout of Norwegian maintenance from day-ahead, any extensions will spill straight into the cold spell and is a small risk," LSEG analyst Wayne Bryan said in a daily research note.

Maintenance at the Dvalin and Aasta Hansteen gas fields will curb Norwegian supply by 30 million cubic metres per day from April 2, LSEG data showed.

Europe's gas storage sites are currently almost two-thirds empty as the winter gas season came to a close on March 31.

"Concerns around gas storage refilling ahead of next winter continue to play out with a third of capacity held in store at the end of winter and eyes now start to look ahead at the refilling trajectory," Consultancy Auxilione said in a daily market report.

European Union countries are discussing a proposal that would allow them to deviate from the bloc's target to fill natural gas storage to 90% before winter, if market conditions make this prohibitively expensive.

In the European carbon market, the benchmark contract CFI2Zc1 was up 0.01 euro at 67.99 euros a metric ton.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Related Articles

KeyAI