LONDON, April 5 (Reuters) - British wholeale gas prices fell on Wednesday morning on lower consumption and ample supply, while Dutch prices were largely flat as uncertainty around French nuclear output continued.
The front-month contract at the Dutch TTF hub inched up by 0.78 euros to 46.25 euros per megawatt hour (MWh) by 0823 GMT, while the day-ahead contract edged down by 0.48 euro to 46.90 euros/MWh, Refinitiv Eikon data showed.
The British day-ahead price fell by 11.50 pence to 113.50 pence per therm, and the contract for immediate delivery was down 10.50 pence at 113.00 pence per therm.
"Looking at the softer consumption outlook, ample storage and likely return of French LNG send-out, we take a moderately bearish view on day ahead contract (DA) with further dated contract weakness also looking likely to continue today," Wayne Bryan, head of gas research at Refinitiv.
Europe’s gas stocks remained 55.7% full, the latest data from Gas infrastructure Europe showed.
Norwegian gas nominations to Britain rose, putting pressure on prices. Strong imports from Norway are expected to continue with no Norwegian Continental Shelf maintenance until April 8, Bryan added.
Analysts believe downward pressure on gas prices could continue into the summer, if Asian demand for liquefied natural gas (LNG) remains the same.
"Gas prices in Europe and north-east Asia could chase each other lower this summer because of a surfeit of supply, if Europe’s storage fills early and China’s LNG demand stays muted," said Natasha Fielding, head of European gas pricing at Argus Media.
"Low storage injection demand, stubbornly weak industrial gas use and a reduced call on thermal power plants on the back of higher French nuclear power generation look poised to outweigh the effect of reduced Russian pipeline deliveries to Europe this summer."
Industrial action by workers in France's energy sector have impacted fuel supplies, nuclear output and imports of LNG. The strikes against pension reform are expected to continue.
"Key to the European energy puzzle is the availability of French nuclear. French nuclear availability is 4% higher versus last week at 35.7 gigawatts (GW), which is below the 10-year range," said analysts at Jefferies.
In the European carbon market, the benchmark contract rose by 1.98 euro to 96.94 euros/tonne.
(Reporting by Bozorgmehr Sharafedin; editing by Nina Chestney)