British wholesale gas prices rose on Thursday morning as maintenance curbed Norwegian pipeline supplies and as an anticipated rise in Russian gas flows to Germany failed to materialise.

The UK day-ahead contract TRGBNBPD1 rose by 2.50 pence to 128 pence per therm by 0846 GMT.

The October contract TRGBNBPMV1 was up 1.00 pence at 129 p/therm and a fresh all-time high for a front-month.

Deliveries of Norwegian gas to Britain fell sharply on maintenance starting at the Troll and Oseberg fields and the Kollsnes processing plant, Refinitiv analysts said in a morning note.

Capacity at Troll fell 6 million cubic metres (mcm) per day to 110 mcm/day on Thursday and would continue to drop over the coming days to a low of 40 mcm/day from Sept. 8, they added.

At the same time, Russian pipeline gas flows to Germany via the border point of Mallnow were seen flat at 519 gigawatt hours per day for Thursday.

Late on Wednesday, nominations had suggested an increase in flows via Mallnow, sending prices lower after strong initial gains, market observers said.

Still, the British gas system was oversupplied by almost 13 mcm/day on Thursday morning, National Grid data showed.

The oversupply stemmed from medium-range storage sites switching to withdrawal mode after steady injections last month, Refinitiv said.

Peak wind power generation was expected to fall from 2.6 gigawatts (GW) on Thursday to 2.0 GW on Friday, out of a total capacity of almost 20 GW, Elexon data showed.

The Dutch October price TRNLTTFMc1 rose by 0.78 euro to 50.75 euros per megawatt hour, but traded as low as 40.75 euros per megawatt hour earlier in the day.

“The challenge is there is no clear fundamental price level at the moment. So, movements get amplified by players hitting stop losses,” said a trader.

Resource: nasdaq.com