British and Dutch gas prices eased on the morning of Feb. 27 on a comfortable supply picture and as some forecasts showed milder temperatures than previously expected.
The British day-ahead contract was down 1.00 pence at 129.50 pence/therm by 1056 GMT, with the same-day contract down 2.50 pence at 129.50 pence/therm, according to Refinitiv Eikon data.
The front-month contract at the Dutch TTF hub, the benchmark for European gas trading, was 1.03 euros lower at 49.80 euros/megawatt hour (MWh).
There were not many drivers on the bullish side, Refinitiv's director of European gas research Wayne Bryan said.
The latest 35-day forecast was warmer than previous estimates and could be a bearish signal if this move is confirmed later on Feb. 27, he added.
In Britain local distribution zone demand, which is primarily used for heating is forecast at 195 MMcm on Feb. 21, down 11 MMcm on the previous forecast, Refinitiv Eikon data showed.
Overall, Europe and Britain will be dry and with below normal temperatures this week before slowly turning milder next week, Refinitiv meteorologist Georg Mueller said.
"We expect the TTF price to remain in its recent tight range and to oscillate around the 50 euros/MWh level," Refinitiv's Bryan said.
With the final weeks of the winter delivery period approaching, prices remained relatively stable overall, consultancy Auxilione said in its daily market report.
European gas storage is higher than predictions from late 2022, while strong flows of LNG towards Europe would help alleviate any major concerns over refilling the storages, it added.
Europe's gas storage sites were around 62% full overall, with the region's biggest consumer Germany seeing levels of just below 71%, according to Gas Infrastructure Europe data.
Demand for LNG in Asia, the main competing region for deliveries to Europe, remains lackluster despite lower prices, with plenty of cargoes still finding their way to Europe.
In the European carbon market, the benchmark contract rose by 1.40 euros to 98.79 euros/tonne.
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