British and Dutch wholesale gas prices mostly rose on Thursday morning, rebounding slightly from losses earlier this week and drawing some support from UK unplanned outages but drivers remain mostly bearish.
The Dutch November contract TRNLTTFMc1 was 2.35 euro higher at 102.10 euros per megawatt hour (MWh) by 0803 GMT, but prompt prices remain in the 30-40 euro range.
The British price for immediate delivery TRGBNBPWKD rose by 8.50 pence to 55.00 pence per therm and the weekend contract TRGBNBPWE was 3.00 pence higher at 50.00 /therm.
Traders said unplanned outages in the UK Contintal Shelf had helped to lift UK prices and there was a slight rebound from falls this week.
However, demand remains soft in Europe and Britain due to higher than normal temperatures and curtailed industrial demand. Liquefied natural gas supply also remains robust.
The latest weather forecasts show temperatures remaining above normals until at least mid-November, Refinitiv Eikon data showed.
“Our outlook is for (Dutch) prices to remain in the 40-50 /MWh range over the coming days if there are no significant changes to /demand fundamentals,” said Wayne Bryan, head of European gas research at Refinitiv.
Wind output is also expected to remain above normal for the coming days. High wind production typically reduces demand for gas from power plants.
Britain’s National Grid said on Twitter that wind generation reached a new record high yesterday of 19.94 gigawatts (GW).
In the European carbon market, the benchmark contract CFI2Zc1 inched up by 0.75 euro to 76.54 euros a tonne.
