TTF: Prompt bullish on back of NBP and Zeebrugge
A bullish mood characterised TTF prompt contracts in the second half of July. The Dutch market took direction from price rises at neighbouring hubs and to some extent from the record-high power prices. Storage buying in France also fuelled demand. Day-ahead ticked mostly upwards during the fortnight, gaining more than EUR 2.00/MWh from a low of EUR 19.00/MWh on 18th July to around EUR 21.30/MWh on 27th July. This widened the gap to the front month to around 0.80/MWh, providing an incentive for players to withdraw storage gas or curb injection rates to make gains on the spot market. The market gained length, with some sporadic cooling off in price levels. Still, the underlying bullishness remained, lending support to August and September, which were beginning to look cheap compared to the prompt. In contrast to the prompt, the TTF curve was bearish, with most contracts losing ground compared with earlier in the month.
Other Related Stories
