Dutch and British wholesale gas prices rose on Tuesday morning amid lower Norwegian exports to Europe and higher demand.

The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was up 0.64 euro at 41.68 euros per megawatt hour (MWh) by 0932 GMT, LSEG data showed.

The contract for May rose by 1.15 euro to 41.66 euros/MWh.

The British front-month contract (TRGBNBPMc1) was 1.27 pence higher at 102.07 pence per therm.

Total Norwegian export nominations are down 5 million cubic metres (mcm) at 321 mcm/day due to maintenance work at the Åsgard field which are expected to end tomorrow.

Meanwhile, north-west Europe local distribution zone (LDZ) demand, which is primarily for heating, is expected to be 262 gigawatt hours per day (GWh/d) higher at 3,327 GWh/d on the day-ahead due to a drop in temperatures.

“We assess that the day-ahead fundamentals (higher demand and Norwegian maintenances) should drive the market today, prices adjusting slightly higher towards the 20-day and 50-day moving averages,” said Saku Jussila, gas analyst at LSEG.

Total north-west Europe liquefied natural gas (LNG) send-out is flat at 2,517 GWh/d. Nominations for LNG from the Gate and Eemshaven terminals are at 130 GWh/d and 0 GWh/d, respectively.

“We assume this is a data blip and both terminals should keep sending out at normal levels,” Jussila added.

Lat week, Slovak Prime Minister Robert Fico said the possibility of shipping Azerbaijani gas was part of discussions with the European Commission on restarting transit flows through Ukraine.

“Given the uncertainty surrounding a possible resumption of the Ukrainian transit, the market seems to think it is more prudent not to let too many LNG cargoes leave for Asia,” said analysts at Engie EnergyScan.

In the European carbon market (CFI2Zc1), the benchmark contract inched down by 0.23 euro at 68.78 euros per metric ton.

Source: Reuters