European gas prices across the prompt and curve continued to fall on Wednesday on reduced demand and healthy gas supplies on the continent, while lackluster trading in the crude markets failed to boost curve prices, traders said.
Dutch TTF day-ahead gas contracts were trading at Eur23.80/MWh, down 40 euro cent on the day by midday Wednesday, after changing hands at an intra-day low of Eur23.75/MWh.
Similar losses were recorded on the German gas markets with the NetConnect day-ahead gas shedding nearly half a euro from the previous close to trade at Eur23.90/MWh, down 45 euro cent.
GASPOOL day ahead gas price declined sharply to Eur23.80/MWh at midday, falling 55 euro cent from Tuesday's close.
"Prices have steadily been going down, following yesterday's trend downwards. Also following the NBP," one trader said.
He said the plentiful gas supply after the recovery in Norwegian gas flows and healthy gas supplies in the system have pressured gas prices.
National Grid data shows gas flows from Norway into the UK through the Langeled pipeline were at 46.4 million cubic meters/day by midday Wednesday.
Gas Storage Europe showed storage facilities in the TTF region, including Denmark and the Netherlands, were 73.2% full with 1.42 billion cu m of gas on Tuesday.
"Temperatures are slightly below the seasonal normal in the Netherlands but then there is much more gas coming in," which has limited price gains, the trader said.
Forecaster CustomWeather expects Amsterdam temperatures to fall around 4 degrees Celsius below the seasonal normal high/low of 22/13 deg C by the weekend.
Further on the curve, the TTF front-month gas was pegged at Eur23.70/MWh, down 35 euro cent on the day, while the Cal 13 gas contracts changed hands at Eur25.95/MWh, down 15 euro cent on the day.
Crude oil futures were rangebound and the September ICE Brent crude contract was 24 cents lower at $103.76/barrel at 1055 GMT.
