PL: Euro Gas: Dutch, German spot rise on bullish fundamentals
Dutch and German day-ahead prices rose Wednesday on supportive fundamentals as demand in the Netherlands was seen rising and supply in Germany seen dropping amid stable demand, while temperatures in both areas remained below seasonal norms.
By midday London time, the Dutch TTF day-ahead contract was last seen trading at Eur15.575/MWh, up 15 euro cent from Tuesday's close.
The German GASPOOL was at Eur15.875/MWh, up 25 euro cent, while its NCG counterpart was at parity at Eur15.875/MWh, having risen 37.5 euro cent. At around midday London time, Platts Analytics' Eclipse Energy forecast end-of-day consumption in the Netherlands to be 98.9 million cu m Wednesday and rising to 102.5 million cu m Thursday. Supply was seen flat at 206.8 million cu m for the same days.
In Germany, consumption was forecast at 215.7 million cu m Wednesday and 215.2 million cu m Thursday, while supply was seen falling to 445.7 million cu m Thursday from 463.5 million cu m Wednesday.
The short-term demand model is calculated from the latest demand, temperature and wind speed out-turns.
CustomWeather forecast temperatures in Amsterdam at 2 degrees Celsius below norms Wednesday and Thursday.
Berlin, in the GASPOOL area, was at 2 C below norms Wednesday, falling to 3 C below seasonal norms Thursday, while in Munich, in the NCG area, temperatures were expected to be at 4 C below seasonal norms Wednesday rising to 3 C below seasonal norms Thursday.
One unplanned outage was reported by Gassco at around midday, continuing from Tuesday, while the other three outages were resolved. The Kollsnes asset had flows of 8 million cu m/d affected, but only for within-day volumes and with an expected duration of two days.
Real-time Norwegian flow rates into Emden-Dornum on the Dutch-German border were at 133.7 million cu m/day around midday London time Wednesday, according to Gassco, up from 131.43 million cu m/d at the same time Tuesday.
Crude moved higher on comments from the UAE which said all oil producers should contribute to an agreement on production cuts.
TTF November and corresponding GASPOOL were both up 17.5 euro cent at Eur15.60/MWh and Eur15.625/MWh, respectively, while the corresponding NCG contract rose 25 euro cent to Eur15.85/MWh.
