Dutch front-month price hovers around €79
XLE•Storage remains below seasonal norms
EU gas storage stands at around 67% full, well below the five-year average of 84%.
"This leaves the market vulnerable as we head closer towards the upcoming heating season," analysts at ING said.
Dutch front-month gas hovers around €79
The benchmark Dutch wholesale gas price was hovering around €79 on Thursday morning, having breached €80 in the previous trading session for the first time since January 2023.
The benchmark Dutch front-month contract at the TTF hub TFMBMc1 edged up by €0.35 to €79.60 euros per megawatt hour (MWh) by 0748 GMT, ICE data showed.
Brent crude oil remained above $100 a barrel. O/R
UK gas and carbon prices also edge higher
The British front-month gas price NGLNMc1 was up 1.05 pence at 198.72 pence per therm.
In the European carbon market, the benchmark contract CFI2Zc1 inched up by €0.30 to €85.87 per metric ton.
Supply concerns and wider JKM-TTF spread support prices
Apart from the escalation in shipping attacks in the Middle East, a widening JKM-TTF spread also provided some support, said analysts at ING.
U.S. President Donald Trump said he expected the war with Iran to end after the November U.S. midterm elections and threatened again to attack a site associated with the Islamic Republic's nuclear programme after the two sides launched their biggest wave of attacks on shipping since the start of the six-month-old war.
There were also reports that Ukrainian drones hit gas processing plants in Russia’s Yamal region.
