European spot prices were rangebound Monday, with contracts generally finding support around Friday's closing levels as gas supply turns up to meet higher demand.
Day-ahead gas contracts on the Dutch TTF hub have traded in a Eur19.15-19.3/MWh range and last dealt at Eur19.2/MWh before midday, down 10 euro cents from Friday's close.
In Germany, the NetConnect next-day gas contract was last seen trading at Eur19.55/MWh, up 5 euro cent, while its GASPOOL counterpart was 12.5 euro cents up at Eur19.575/MWh. The two contracts have traded in a Eur19.525-19.7/MWh and Eur19.55-19.575/MWh range, respectively.
In contrast to other continental European spot markets, the PEG Nord day-ahead price was trading significantly below Friday's close. It last traded 55 euro cents lower at Eur19.5/MWh.
French supply was stronger Monday, with LNG sendout increasing 6 million cubic meters/day from the 10 million cu m/day seen over the previous three days, and an increase in imports from Germany to 29 million cu m, according to early data from Bentek, a Platts unit.
Increased French supply was a response to higher demand levels, with local distribution zone gas demand -- which includes heating load -- rising 10 million cu m Monday to 52 million cu m on colder temperatures, Bentek said.
Weather forecasts for Germany and the Netherlands were also estimating colder near-term temperatures, although robust supply was restraining spot prices Monday.
CustomWeather predicted temperatures Tuesday at four degrees Celsius below seasonal norms for Berlin and Paris, while temperatures in Amsterdam were forecast three degrees below norms.
On the curve, Dutch TTF and German NetConnect front-month contracts last traded 20 euro cents and 27.5 euro cents lower day on day at Eur19.55/MWh and Eur19.825/MWh, respectively.
The Dutch TTF front-winter was 15 euro cents lower at Eur24.5/MWh.
