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EUROPE GAS-Prices little changed amid Norway maintenance, higher wind forecast

ReutersJun 9, 2025 9:12 AM

- Dutch and British wholesale gas prices were little changed on Monday morning, with the gas balance tight due to ongoing maintenance in Norway, but higher wind output being forecast.

The benchmark Dutch front-month contract at the TTF hub TRNLTTFMc1 inched down by 0.12 euros to 36.15 euros per megawatt hour (MWh) by 0844 GMT, LSEG data showed.

The British day ahead contract TRGBNBPD1 was flat at 85.70 pence per therm.

"Overall, the European gas balance is expected to be tighter this week, with a drop in net storage injections which could further widen the storage deficit," analysts at Engie's EnergyScan said in a morning note.

EU storage inventories were 50.97% full, according to Gas Infrastructure Europe.

"The injection level will be needed to maintain in order to secure sufficient stock levels by the end of summer for the upcoming winter season – and we remain close to the key 2022 trendline," consultancy Auxilione said in a daily note.

Energy demand in Asia being lower following a monsoon allows a little more flexibility on spot LNG heading towards Europe, which is helpful amid Norwegian planned outages, Auxilione analysts said.

Gas demand is expected to weaken later this week due to warmer temperatures and higher wind speed forecasts, said LSEG analyst Yuriy Onyshkiv.

He said there was no significant change to LSEG's fundamental balance forecast for the day ahead or prompt contracts that would justify a move outside the 35–36 euros/MWh range.

In the European carbon market, the benchmark contract CFI2Zc1 edged up 0.83 euro to 74.33 euros a metric ton.

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