Gas prices on the Continental European markets traded lower Friday morning following Thursday's bearish close.
But while downward pressure abated somewhat allowing prompt contracts to claw back some value from the lows seen this morning, prices remained lower day-on-day.
"Everything is soft today following lower equities and oil markets," a trader said.
The UK's NBP system opened the morning short, allowing prompt contracts on the Continent to regain some value. At the same time, Brent crude moved up from its opening loses and reduced pressure on the curve.
The Dutch TTF day-ahead contract changed hands midday 15 euro cent lower than the previous close at Eur20.20/MWh, rising from early lows of Eur19.75/MWh.
Gas exports through the BBL pipeline from the Netherlands to the UK ramped up from slightly above zero to around 10 million cubic meters/day.
On the German markets, both the NetConnect and GASPOOL day-ahead contracts changed hands midday flat to Thursday's close of Eur20.45/MWh and Eur20.50/MWh respectively after rising between 5 to 20 euro cent from lows earlier in the session.
In France the PEG Nord day-ahead traded 10 euro cent below its Thursday close at Eur21.35/MWh, while the Baumgarten contract was heard 20 euro cent lower at Eur20.80/MWh.
Larger losses were heard further along the forward curve as increasing concern over debt in Italy and Spain hit equities and oil markets, a trader said.
Brent crude traded as low as $104.30/b over the morning, but September ICE Brent moved up as the euro strengthened against the dollar to trade 61 cents higher at $107.86/b.
The TTF Winter 11 contract changed hands at Eur26.40/MWh, down 20 euro cent from its previous close.
