Prompt prices on Continental European gas markets surged Monday with the Dutch TTF day-ahead contract valued more than one euro up from Friday's close on reduced Norwegian gas flows due to maintenance, traders said.
Day-ahead gas contracts on the TTF jumped to Eur25.70/MWh by midday Monday, up Eur1.10/MWh from Friday's close of Eur24.60/MWh.
On the German gas markets, NetConnect gas for next day delivery was valued flat to the TTF prompt price at Eur25.70/MWh, up 85 euro cent from the previous week's close.
Similarly, GASPOOL day-ahead gas changed hands up 60 euro cent from Friday at Eur25.60/MWh.
Elsewhere, the French PEG Nord day-ahead gas contract changed hands at Eur25.80/MWh, up from Friday's level of Eur25.00/MWh.
Planned maintenance works in Norway resulted in reduced gas flows in to the UK and the continent, including a fall of 41.1 million cubic meters of exports into Belgium via the Zeepipe link starting Monday, Gassco website showed.
Lower gas flows in to the UK left the NBP gas system short by around 14.5 million cu m by midday Monday, after opening nearly 30 million cu m short of gas, according to National Grid data.
Forecast demand in the UK stood at 152.5 million cu m of gas at 1100 GMT, National Grid showed.
One trader on the continent said he was "surprised that [the prompt contracts] were at such levels" as the maintenance works were planned and announced well ahead of schedule.
On the curve, the new front-month contract October on the TTF was trading at Eur26.10/MWh, up 60 euro cent from Friday, while the Cal 13 gas contract was valued at Eur27.70/MWh, up 40 euro cent from the previous day.
