(Montel) Benchmark European gas prices extended a fall on Wednesday as improving Norwegian pipeline supply countered pressure from a so-called short squeeze that drove the market to a three-month high earlier this week.
The front month on the Dutch TTF hub last traded down EUR 0.90 at EUR 39.43/MWh. This morning it fell as much as 5% to EUR 38.26/MWh. On Monday the contract hit a peak of EUR 45/MWh, its highest since 15 June.
“We see prompt loosening if Norway brings supply back as per Remit [notifications],” said one analyst with a continental utility.
Norwegian sea pipeline flows were nominated…