Zeebrugge: NBP bears boost Interconnector flows
The dramatic drop in NBP prompt value towards the end of the month resulted in Zeebrugge Day-ahead falling by around 27.2% to 46.125 p/th between 17th and 30th July. Gas deliveries through the Interconnector firmed to some 37 Mm³ on Tuesday 29th July, the highest figure since October 2007. The recent increase in continental demand was mainly due to the fall in NBP spot prices. Day-ahead basis remained supported at levels around +0.70-0.80 p/th for most of the past fortnight, before surging to +1.25 p/th on 30th July.
Participants also thought spot levels represented good value compared with August prices. The front month ended at 58.85 p/th, compared with 71.95 p/th on 1st July. August basis ended at +1.30 p/th, having gradually risen from +0.575 p/th since mid-month. Outright, August closed almost 13.00 p/th above Day-ahead, mainly due to the Interconnector maintenance from 27th August to 11th September.
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