Dutch TTF: EUR 10.00/MWh psychological threshold for Day-ahead
At the TTF, the prompt trend was mostly bearish in spite of a heavy maintenance schedule in the North Sea, taking direction from British prices. EUR 10.00/MWh emerged as a threshold for the Dutch Day-ahead contract during the second fortnight of June, preventing the contract from fully tracking losses at the NBP towards the end of the month – although it did briefly dip below the British contract mid-month.
Traders described this threshold as more psychological than grounded in fundamentals, as demand was low on the continent.
All curve contracts fell during the fortnight, in spite of some resurgence in oil value briefly providing some support. The market appeared shallow enough for one or two buyers to be able to push up or down prices on any given day, as proved by a flurry of buying activity in Winter ’08 mid-month, which briefly supported prices. The biggest change took place on the near curve, where the spread between August and July widened to EUR 0.40/MWh.
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