OSLO: Dutch and British gas prices were slightly lower on Wednesday morning, after soaring earlier this week, but could remain volatile as the market tries to gauge how long Qatari supply of liquefied natural gas (LNG) will remain disrupted.
The benchmark Dutch front-month contract at the TTF hub was down €1.02 at €53.27 per megawatt hour by 10:18 a.m. GMT, data from the Intercontinental Exchange showed.
It hit an intraday day high of €65.79/MWh, its highest level since January 2023 on Tuesday but fell by €10 again by the end of the day.
The British April contract was down 3.92 pence at 137.07 pence per therm, ICE data showed.
The gas market has been jolted by the US-Israeli war on Iran and retaliatory attacks across the Middle East, halting Qatari LNG production and shipping through the Strait of Hormuz. The US Navy could begin escorting tankers through the Strait of Hormuz if necessary, President Donald Trump said on Tuesday, but analysts questioned whether this really could revive energy transports that have ground to a halt.
