Germany: GASPOOL opens up premium over TTF amid constraint fears
German prices weakened across curve products on Friday, in line with the prevailing trend at the TTF, while firming on Day-ahead products.
GASPOOL Day-ahead was particularly bullish on Friday, following reports of supply constraints from the Netherlands into the former BEB zone. After the close, a trader said he had heard reports of supply constraints between TTF and GASPOOL hubs in the direction of Germany, but this could not be confirmed.
However, it would account for the fact that a large spread developed between the two hubs on Friday, rather than the spread of relative parity that has characterised recent days. One trader said that GASPOOL Day-ahead had been dealing at a premium of €0.80/MWh over TTF during the session, although it was characteristically illiquid in the run up to the close.
NCG Day-ahead posted a more modest quarter of a euro gain, to settle at €18.00/MWh at the close, although trade was patchy. The contract changed hands at this level in the run up to the close, and was then followed by what looked like a pair of sleeve deals exactly one minute after the 16:30 UK-time close, at €17.75/MWh, before €18.00/MWh dealt once again. A last deal at €18.60/MWh went through around 20 minutes later.
Austrian Day-ahead gained further ground rising to €22.80/MWh. At the time of the last Austrian trade the contract's premium to NCG widened to €4.80/MWh. The Austrian contract was more stable compared to its NCG counterpart in a predominantly bullish session. The Day-ahead price was also considerably higher than August, which traded consistently at €22.30/MWh in a series of five deals. Weekend also closed lower than Day-ahead, at €22.40/MWh.
Austrian September was also seen changing hands once, at €21.75/MWh. RS/KZ
Other Related Stories