HomeNewsEurope gas: Prices decline on stable supply and flat demand

Europe gas: Prices decline on stable supply and flat demand

7/15/2025

Dutch and British wholesale gas prices fell on Tuesday morning on stable Norwegian supply and flat demand.

The benchmark Dutch front-month contract at the TTF hub was down by €1.10 at €34.90 per megawatt hour (MWh) by 0750 GMT, while the September contract was €0.79 lower at €35.30/MWh, LSEG data showed.

In the British market, the August contract was down 1.74 pence at 84.10 pence per therm.

Norwegian export nominations to continental Europe are 5 MMm3 higher at 324 MMm3d as Emden and Baltic Pipe ramp up. Flows to Britain are down due to re-routing to Europe.

Total northwest Europe demand is expected to be roughly flat for the day ahead, LSEG data showed.

Total northwest Europe liquefied natural gas send-out is expected at 2,224 gigawatt hours (GWh), 50 GWh/day lower than yesterday due to a lack of arrivals at Zeebrugge.

Gas storage inventories are now at around 71 Bm3 or 63% full. This is 22% lower than 91 Bm3 in 2024 and 12% lower than the five-year average of 80 Bm3, analysts at Jefferies said.

"Getting to 80% and 90% storage utilization by Nov. 1 will require an additional injection of 19 Bm3 (around 1.1 Bm3/week) and 30 Bm3 (1.8 Bm3/week) respectively," they said.

EU countries are close to reaching an agreement on a new package of sanctions against Russia (learn more), the bloc's foreign policy chief Kaja Kallas said on Tuesday.

The new package proposes banning transactions with Russia's Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention.

In the European carbon market, the benchmark contract CFI2Zc1 inched down by €0.11 to €70.31 a metric ton.

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