Dutch and German spot and prompt prices were seen posting hefty losses Monday morning after the sharp gains of the previous week taking their cue from a bearish UK NBP market amid a milder weather outlook in the near-term.
By midday London time, the Dutch TTF day-ahead contract was last dealt at Eur19.60/MWh, down 57.5 euro cent from Friday's assessment while at the German hubs spot prices posted larger losses. The NetConnect day-ahead contract tumbled Eur1.025/MWh to be last done at Eur19.85/MWh while the corresponding GASPOOL spot delivery was down by 72.5 euro cent to Eur19.20/MWh. The NCG spot premium to its GASPOOL counterpart narrowed to 65 euro cent from 95 euro cent Friday.
Spot declines in continental prices were seen despite temperatures forecast well below seasonal averages Tuesday. CustomWeather forecast temperatures in Amsterdam at 3 degrees Celsius below seasonal norms Monday, ticking down to 4 C below norms Tuesday.
Berlin, in the GASPOOL area, was forecast at 5 C below norms Monday and Tuesday. In Munich in the NCG area, temperatures were expected to fall from 5 C below norms Monday to 8 C below average Tuesday. At around midday London time, Platts Analytics' Eclipse Energy forecast end-of-day consumption in the Netherlands at 164 million cu m Monday, increasing to 170.7 million cu m Tuesday.
Consumption in Germany was forecast at 417.2 million cu m Monday, ramping up to 421.7 million cu m Tuesday.
The short-term demand model is calculated from the latest demand, temperature and wind speed out-turns.
Real-time Norwegian flow rates into Emden-Dornum on the Dutch-German border were indicated at around 125.93 million cu m/day at around midday London time, slightly up from 124.95 million cu m/day Friday at the same time, according to Norwegian transmission systems operator Gassco.
Stock withdrawals were seen significantly higher. Net storage withdrawals into the Dutch network were nominated at 136.91 million cu m/d at 1200 GMT, up from 112.4 at the same time Friday, according to Platts Analytics data.
Further out, front-month delivery contracts were also seen posting sharp losses. TTF and NCG February deliveries were last traded at parity to each other at Eur19.20/MWh, down 80 euro cent and 85 euro cent each. GASPOOL front-month was down by 87.5 euro cent to be last seen exchanging hands at Eur18.725/MWh.
