The German GASPOOL day-ahead contract shot up over Eur1.00/MWh from Friday's close, as it traded midday Monday over the Eur24.00/MWh mark catching up with the rest of the Continental European prompt.
GASPOOL day-ahead traded at Eur24.30/MWh, at only a 15 euro cent discount to the Dutch TTF day-ahead which traded midday Monday at Eur24.45/MWh. This contrasts with Friday's Eur1.00/MWh discount between GASPOOL and TTF prompt, which was attributed to GASPOOL's better connections to Russian gas and better access to gas storage.
The TTF day-ahead, however, traded midday Monday up only 5 euro cents from Friday's close.
At 1200 London time, GASPOOL day-ahead was only at a 10 euro cent discount to the other German hub, NetConnect, day-ahead contract which traded at Eur24.40/MWh. NCG day-ahead traded Friday at a 95 euro cent premium to GASPOOL.
The NCG day-ahead rose only 5 euro cent from Friday's price at market close.
French PEG Nord prompt traded Monday at a 20 euro cent premium from the GASPOOL day-ahead, after Friday's Eur1.00/MWh premium between each other. The PEG Nord day-ahead traded 10 euro cent up from Friday's close.
Traders attribute Monday's general bullish trend to revised weather forecasts that say the Continent will continue to experience cold temperatures this week.
"In general, cold temperatures and a stable gas supply in Europe has caused a rise in prices in the morning," a trader said.
"The TTF has followed the UK NBP up, and the rest of Europe has followed the TTF," the trader added.
According to weather service CustomWeather, Monday temperatures in the Netherlands are expected to be 2 degrees Celsius below seasonal norm, slightly milder than the previous week. Germany is seeing the lowest temperatures in the Continent, with Monday temperatures dropping to 8 degrees Celsius below seasonal average. France follows suit, with temperatures falling by 5 degrees Celsius below norm Monday.
Mid-week forecasts show that temperatures will stay cold, but will not reach the extreme lows from the previous week. Germany will see the lowest temperatures Wednesday, dropping to 8 degrees Celsius below seasonal norm.
The TTF Cal 11 contract rose midday Monday 50 euro cent from Friday's close. It traded at Eur23.00/MWh, as traders noted that it followed the UK NBP prompt closely.
GASPOOL day-ahead traded at Eur24.30/MWh, at only a 15 euro cent discount to the Dutch TTF day-ahead which traded midday Monday at Eur24.45/MWh. This contrasts with Friday's Eur1.00/MWh discount between GASPOOL and TTF prompt, which was attributed to GASPOOL's better connections to Russian gas and better access to gas storage.
The TTF day-ahead, however, traded midday Monday up only 5 euro cents from Friday's close.
At 1200 London time, GASPOOL day-ahead was only at a 10 euro cent discount to the other German hub, NetConnect, day-ahead contract which traded at Eur24.40/MWh. NCG day-ahead traded Friday at a 95 euro cent premium to GASPOOL.
The NCG day-ahead rose only 5 euro cent from Friday's price at market close.
French PEG Nord prompt traded Monday at a 20 euro cent premium from the GASPOOL day-ahead, after Friday's Eur1.00/MWh premium between each other. The PEG Nord day-ahead traded 10 euro cent up from Friday's close.
Traders attribute Monday's general bullish trend to revised weather forecasts that say the Continent will continue to experience cold temperatures this week.
"In general, cold temperatures and a stable gas supply in Europe has caused a rise in prices in the morning," a trader said.
"The TTF has followed the UK NBP up, and the rest of Europe has followed the TTF," the trader added.
According to weather service CustomWeather, Monday temperatures in the Netherlands are expected to be 2 degrees Celsius below seasonal norm, slightly milder than the previous week. Germany is seeing the lowest temperatures in the Continent, with Monday temperatures dropping to 8 degrees Celsius below seasonal average. France follows suit, with temperatures falling by 5 degrees Celsius below norm Monday.
Mid-week forecasts show that temperatures will stay cold, but will not reach the extreme lows from the previous week. Germany will see the lowest temperatures Wednesday, dropping to 8 degrees Celsius below seasonal norm.
The TTF Cal 11 contract rose midday Monday 50 euro cent from Friday's close. It traded at Eur23.00/MWh, as traders noted that it followed the UK NBP prompt closely.
