CORRECTED-EUROPE GAS-Prices rangebound as market weighs tariff impacts

LONDON, April 8 (Reuters) - Dutch and British gas prices rebounded slightly on Tuesday morning and are expected to move sideways as the market assesses the impact of U.S. tariffs on energy amid fears slow global growth could impact demand.

The benchmark Dutch front-month contract TRNLTTFMc1 was up 0.71 euros to 36.28 euros per megawatt hour (MWh) or $11.54/mmBtu by 0906 GMT, LSEG data showed.

The contract hit 33.65 euros/MWh on Monday, its lowest level since September 2024.

The Dutch June contract TRNLTTFMc2 was up 0.42 euros at 36.50 euros/MWh.

The British day-ahead contract TRGBNBBD1 was up 1.34 pence at 88.75p/therm.

Global trade tensions escalated on Monday after U.S. President Donald Trump threatened to impose an additional 50% duty on U.S. imports from China it did not withdraw the 34% tariffs it had imposed on U.S. products last week.

Meanwhile, China refused to bow to what it called "blackmail" from the United States.

"With the macro-economic worries going on, I think it is still difficult for most people to assess the direct effects of all the tariffs. On the other hand, the lower-than-expected levels of the last days should have attracted some bargain hunters to the market," said Klaas Dozeman, market analyst at Brainchild Commodity Intelligence.

"It is impossible to assess the demand side impact of this," he added.

Expectations of warmer temperatures, curbing demand for heating, did not seem to have a direct impact on the market.

"It's all macro at the moment, no one is looking at fundamentals," said a trading source, expecting the market to be rangebound.

Europe’s gas storage sites ended the winter heating season on March 31 almost two-thirds empty and the current weak prices are expected to encourage more injections into storage.

In the European carbon market, the benchmark contract CFI2Zc1 was down 1.29 euros at 61.55 euros a metric ton.