Dutch and British gas prices are lacking clear direction on Friday morning but remain near recent multi-month lows as the market continues to grapple with the impact of the U.S. tariff-induced trade war on the global economy and as EU countries meet to discuss gas storage filling targets.

The benchmark Dutch front-month contract was down 0.02 euro at 33.338 euros per megawatt hour (MWh) or $11.13/mmBtu, by 0815 GMT, LSEG data showed.

The Dutch June contract was up 0.08 euro at 33.84 euros/MWh.

The British day-ahead contract (TRGBNBBD1) was up 1.15 pence at 82.50 p/therm.

Contracts had opened a touch firmer but reversed after China raised tariffs for U.S. goods imports to 125%.

The turbulence unleashed by U.S. President Donald Trump’s tariffs showed little sign of easing on Friday, with financial markets again whipsawing and foreign leaders grappling with how to respond to a dismantling of the world trade order.

Gas market participants will likely tread carefully ahead of the weekend given the risks over any fresh moves by the U.S. or China, a trader said.

“Negotiations and retaliations over these tariffs will continue to drive more uncertainty, intensifying pre-existing volatility from market expectations on the return of some Russian gas supply as well as the possible relaxation of EU storage targets,” analysts Energy Aspects said in a weekly note.

EU countries are meeting on Friday to agree their position on rules for gas storages, with the latest proposal for discussion envisaging a 10 percentage point deviation allowance for the bloc’s 90% target ahead of next winter.

Europe’s gas storage sites ended the winter season almost two-thirds empty and analysts said the need to replenish stocks also provided support.

“We maintain the view that TTF prices will have a floor of approximately EUR 30/MWh over the coming months, giving the gulf in gas storage required to be filled up in preparation for the 2025-6 winter,” analysts at BMI, part of Fitch Group, said in a note.

In the European carbon market, the benchmark contract (CFI2Zc1) was down 0.07 euro at 62.05 euros a metric ton.

Source: Reuters