The European natural gas market was unfazed by colder weather and weak deliveries from Russia and Norway on Monday, when prices dropped amid a broader outlook that remains largely unchanged.
Lower temperatures in Northwest Europe are forecast this week, while freezing temperatures and a drop in wind power in the UK prompted the grid operator there to ask households to cut energy consumption in an emergency measure.
Norwegian natural gas nominations were down to about 10.5 Bcf on Monday from 11.3 Bcf on Friday, while Russian flows were nominated at just 670 MMcf, compared to 1.3 Bcf earlier in the month.
But gas prices Monday were “trading flat with no changes in fundamentals,” said Schneider Electric analyst Safa Sen. The Title Transfer Facility (TTF) fell by roughly 1%...