Day-ahead prices at Continental Europe's gas hubs rebounded Friday morning, in line with the UK NBP, which responded to a short system.
The Dutch TTF day-ahead contract gained 55 euro cent from close on Thursday to be seen, at midday UK time, at Eur27.00/MWh.
Day-ahead prices on the neighboring German NetConnect hub were also up by 55 euro cent, trading at Eur27.15/MWh, while on the German GASPOOL they were seen at Eur27.20/MWh, up by 60 euro cent.
On the French PEG Nord they were up by 15 euro cent, changing hands at Eur27.05/MWh.
The TTF December contract was seen at Eur27.25/MWh, up by 10 euro cent from its Thursday assessment.
"Day-ahead prices have returned to levels seen on Wednesday," a trader said. "I believe the bank holiday in Germany yesterday helped them slip as much as they did due to little liquidity, so today prices appear to be correcting themselves. But flows into the UK were also down this morning, which supported spot prices and influenced other markets."
The UK NBP within-day contract was valued at midday in London at 65.10 pence/therm, up by 1.35 p/th from Thursday's close, while the day-ahead contract was seen at 65.20 p/th, up by 1.30 p/th. This was due to the UK system being short by 13 million cubic meters, National Grid showed at noon, with forecast demand at 256 million cu m.
But Norwegian flows into the Continent remained stable. According to Gassco, flows through the Dornum, Emden EMS and Emden NGT beach terminals, which feed the Dutch and German systems, totaled 142 million cu m, the same as at midday Thursday. Flows through Dunkirk in France and Zeebrugge in Belgium stood at 43.9 million cu m and 42.6 million cu m respectively, at similar levels as in previous days.
As December ICE Brent traded, at 1135 GMT, 40 cent lower at $107.77/barrel, later dated TTF contracts were rangebound.
Front-quarter prices were heard at Eur27.35/MWh, up by just 5 euro cent from Thursday's close, while the Summer 13 contract was down by 15 euro cent, seen at Eur26.30/MWh.
Cal 13 prices were heard at Eur27.00/MWh, a loss of 10 euro cent.
