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EUROPE GAS-Dutch and British gas prices range-bound on strong supply, warm weather

ReutersJul 10, 2025 10:02 AM

- Dutch and British wholesale gas prices were slightly up, trading in a narrow range, on Thursday morning due to strong supply and warm weather forecast.

The benchmark Dutch front-month contract at the TTF hub TRNLTTFMc1 was up 0.72 euro to 35.10 euros per megawatt hour (MWh), or $12.06/mmBtu, by 0910 GMT, LSEG data showed.

The Dutch day-ahead contract TRNLTTFD1 was up 0.65 euro at 34.85 euros/MWh.

The British day-ahead contract TRGBNBPD1 was up 1.45 pence at 83.75 p/therm.

"Our outlook for the TTF DA remains unchanged, with prices expected to continue within the current range," said Wayne Bryan gas research principal at LSEG.

"On the demand side, total consumption is declining, while Norwegian supply remains strong and uninterrupted, with only the Troll field outage currently affecting flows," he added.

LSEG forecast local distribution zone demand, which refers to heating demand, to reach 492 gigawatt-hour per day over the weekend, and 542 Wh/d on working days next week.

Total Norwegian export nominations are stable at 319 million cubic metres per day, LSEG data showed.

"The market seems to continue to think that the current price level represents a fair equilibrium," analysts at Engie's EnergyScan said in a morning note.

EU gas storage inventories are 61.23% full, according to Gas Infrastructure Europe data.

The European Parliament on Tuesday gave its final sign-off on a deal to loosen the EU's rules on filling gas storage, with member states now being allowed to meet the 90% filling target between October and December, rather than by the previous November 1 deadline.

In the European carbon market, the benchmark contract CFI2Zc1 was up 0.78 euro at 71.17 euros a metric ton.

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