Dutch, British gas prices steady on strong Norwegian supply
UNG•Dutch and British front-month gas prices traded in a narrow range as strong Norwegian supply balanced higher demand. Dutch gas rose €0.71 to €70.18 per megawatt-hour, while British gas gained 1.01 pence to 177.54 pence per therm.
1. Prices trade in narrow range
Dutch and British gas prices traded in a narrow range after sharp falls in the previous session, with strong Norwegian supply balancing rising demand. By 0851 GMT, the Dutch front-month contract was up €0.71 at €70.18 per megawatt-hour, and the British front-month contract was up 1.01 pence at 177.54 pence per therm.
2. Demand and supply figures
Day-ahead gas demand for power generation rose 246 gigawatt-hours per day as German wind output fell short of normal levels; cooler temperatures added 92 GWh/d of heating demand. Norwegian exports were nominated at 316 million cubic metres per day, up 37 mcm/d from Tuesday.
3. Geopolitical developments
The market also weighed the prospect of a US-Iran deal as Qatar continued shuttle diplomacy aimed at ending the seven-month conflict. U.S. President Donald Trump said he did not know whether Iran would “give up yet” and described the country as doing “very poorly” in the war.
