The Continental European gas contracts across the prompt and curve jumped on Thursday, regaining some of the previous day's losses due to bullish fundamentals.
Day-ahead gas on the Dutch TTF trading hub was valued at Eur27.20/MWh at midday Thursday, up from the previous close by 20 euro cents.
The day-ahead gas contracts on the neighboring German markets, NetConnect and GASPOOL, gained 20 euro cents each on the day to trade flat to each other at Eur27.30/MWh.
In addition, the French PEG Nord day-ahead contract was trading in line with the German counterparts at Eur27.30/MWh, up 10 euro cents from the previous close.
Market sentiment turned bullish after crude oil prices rose for the second straight day on rising geopolitical tensions in the Middle East and the UK NBP gas system was short by 20 million cubic meters of gas/day.
According to National Grid data, the forecast demand in the UK stood at 247 million cu m of gas/day, short by 20 million cu m/day, at 1200 GMT.
Also, December ICE Brent crude futures traded slightly higher at $109.72/barrel in the morning European trading session.
Bullish crude prices also boosted the curve contracts, with December gas contracts on the Dutch TTF and Germany's NetConnect trading at Eur27.45/MWh and Eur27.50/MWh, up 35 and 30 euro cents respectively.
The Cal 13 gas price was pegged 10 euro cents higher on the day at Eur27.35/MWh.
