European gas prices fell on Wednesday with the exception of day-ahead gas on the Dutch TTF and Austrian Baumgarten hubs, while the later dated contracts reversed direction as the selloff in the crude oil markets weighed on market sentiment, traders said.
Germany's NetConnect day-ahead gas contract fell 25 euro cent on the day to reach Eur23.60/MWh by midday, while the GASPOOL gas for next day delivery dipped marginally to Eur23.50/MWh, down 10 euro cent from the previous close.
However, in contrast, the Dutch TTF gas for next day delivery rose strongly, up 40 euro cent on the day to trade at Eur23.25/MWh, supported by reduced gas flows from Norway.
Norwegian gas flows via the Langeled pipeline into the UK were nearly at full capacity of around 65 million cubic meters/day since last Friday, which had surprised the market and kept a lid on price gains on the continent. However, on Wednesday, gas flows through Langeled reduced to 22.3 million cubic meters/day.
Also, Austrian Baumgarten prompt contract added the same amount to change hands at Eur26.90/MWh.
Meanwhile on the curve, the forward contracts came under pressure on declining oil prices. "Oil seems to have come off a bit which lowered prices on the curve," one trader on the continent said.
July ICE Brent lost more than a dollar in value by 0945 GMT, trading lower at $107.24/barrel.
The TTF front-month contract slipped 5 euro cent on the day to change hands at Eur23.45/MWh, while the TTF Cal 13 gas was pegged trading at Eur25.75/MWh, down 15 euro cent on the day.
