Prompt prices on the Continental European gas markets reversed the losses heard Thursday, and were trading up at midday Friday London time, while the forward curve softened despite the strengthening of Brent crude.
The TTF day-ahead contract gained 20 euro cent from Thursday's close to trade at Eur23.55/MWh by midday. Thursday afternoon saw the contract move up from the morning's lows, although the day-ahead still settled 15 euro cent lower on the day. Friday morning has seen the contract continue to move up recovering the lost value and firming further.
Both the German NetConnect and GASPOOL markets followed the TTF up 20 euro cent over the morning to trade at Eur23.65/MWh and Eur23.60/MWh respectively.
Also supporting prices on the Continent are stronger within-day prices on the NBP. The UK market opened short this morning following reduced LNG flows into the country which boosted its within-day prices.
BBL flows from the Netherlands into the UK ramped up from Wednesday's 3 million cu meters/day to 18 million cu m/day over Thursday and has remained at this level over Friday morning.
In addition, temperatures across the European Continent are due to slip below the seasonal norm and will remain slightly cooler than the average over the next week in much of Europe, adding to the bullish sentiment.
On the smaller gas trading hubs gains were smaller over the morning. The Italian PSV hub and Austrian Baumgarten day-ahead contracts moved up 5 euro cent each. Baumgarten traded at Eur24.45/MWh at lunchtime and the Italian PSV changed hands at Eur26.25/MWh.
By mid morning, the June ICE Brent contract traded 82 cents higher at $113.80/b following a volatile week of strong gains and losses.
However, forward curve contracts on the Dutch TTF remained slightly soft Friday as the front month traded down 15 euro cent to Eur23.00/MWh.
The TTF Cal 12 eased back 5 euro cent from Thursday's close to Eur26.10/MWh at Friday midday.
