All major Continental European day-ahead contracts traded at Eur22.10/MWh, their highest since February 2009, at around midday Monday due to colder-than-expected weather forecast for this week, traders said.
By pushing above Eur22.00/MWh, it is the highest that the day-ahead contracts for the Dutch TTF, German NetConnect and GASPOOL, and French PEG Nord have been since February 10, 2009.
It also marks a Eur1.15/MWh rise for the German GASPOOL DA contract from Friday's price, while it was an increase of 85 euro cents for the TTF, 70 euro cents for the NCG and 65 euro cents for the PEG Nord contract.
Temperatures in Europe remained extremely cold Monday, with the weather in the Netherlands, France and Germany expected to be 6-8 degrees below the seasonal norm. However, as the week progresses, temperatures will turn even colder, with France expected to see the weather drop to almost 20 degrees Celsius below seasonal norm by Friday.
"There are also concerns that gas kept in storage may be used up faster than anticipated, particularly in the UK. And as we know, whatever affects the UK will see its ripples in the European gas market," a trader said.
The UK NBP prompt went up midday Monday by 2 pence/therm, carried by cold weather hitting the UK and fears that there won't be any more gas injected into storage for the season.
This has driven prices in the Dutch TTF Cal 11 contract as well, where it traded Monday morning at Eur21.50/MWh.
This was the highest price that the contract has been since July 9.
By pushing above Eur22.00/MWh, it is the highest that the day-ahead contracts for the Dutch TTF, German NetConnect and GASPOOL, and French PEG Nord have been since February 10, 2009.
It also marks a Eur1.15/MWh rise for the German GASPOOL DA contract from Friday's price, while it was an increase of 85 euro cents for the TTF, 70 euro cents for the NCG and 65 euro cents for the PEG Nord contract.
Temperatures in Europe remained extremely cold Monday, with the weather in the Netherlands, France and Germany expected to be 6-8 degrees below the seasonal norm. However, as the week progresses, temperatures will turn even colder, with France expected to see the weather drop to almost 20 degrees Celsius below seasonal norm by Friday.
"There are also concerns that gas kept in storage may be used up faster than anticipated, particularly in the UK. And as we know, whatever affects the UK will see its ripples in the European gas market," a trader said.
The UK NBP prompt went up midday Monday by 2 pence/therm, carried by cold weather hitting the UK and fears that there won't be any more gas injected into storage for the season.
This has driven prices in the Dutch TTF Cal 11 contract as well, where it traded Monday morning at Eur21.50/MWh.
This was the highest price that the contract has been since July 9.
