Dutch and British wholesale gas prices rose on Wednesday morning, rebounding from falls earlier in the week.

The benchmark Dutch contract for August delivery at the TTF hub (TRNLTTFMc1) was up 0.86 euro at 33.30 euros per megawatt-hour by 0813 GMT, LSEG data showed.

The Dutch contract for September (TRNLTTFMc2) was 0.43 euro higher at 34.83 euros/MWh.

The British contract for August (TRGBNBPMc1) was up 2.03 pence at 80.35 pence per therm.

There seems to be some technical buying after losses earlier this week, a gas trader said.

A heatwave across Europe should start to ease and average temperatures in north-west Europe are expected to go down by 4 degrees Celsius, LSEG data showed.

Wind power output is also expected to rise which could lower demand for gas from power plants. Norwegian exports and liquefied natural gas send-out are stable.

In the European carbon market, the benchmark contract (CFI2Zc1) rose by 1.41 euros to 71.99 euros per metric ton.

The European Commission will propose an EU climate target for 2040. A draft of the proposal seen by Reuters shows the Commission will propose a legally-binding target to cut net greenhouse gas emissions by 90% by 2040, from 1990 levels.

It also includes flexibilities that would soften the 90% emissions target for European industries.

Source: Reuters