Germany/Austria/Italy/Czech Republic:Despite late dive at NCG, spot retains premium to TTF
The NCG and GASPOOL spot markets retained their high premium to the TTF on Thursday, supported by cold temperatures expected in Germany, particularly the country's north and east regions. The bullish trend was amplified by a bank holiday on Friday in most of the country which will take many counterparties away from their desks or close their positions before the prolonged weekend. In the afternoon, one trader thought these premiums could not sustain such high levels. In the last stretch to the close, NCG Day-ahead dived from €25.25/MWh to 24.85/MWh, and after the finish to €24.25/MWh.
As a result, the premium of NCG over TTF Day-ahead halved from levels close to €1.00/MWh to €0.50/MWh at the close.
Baumgarten Day-ahead traded in a narrow range among low liquidity until relatively early in the afternoon when the contract was last seen dealing at €24.85/MWh. The price was largely in line with the equivalent NCG contract, but the latter made a push upwards during the next few hours, when liquidity on the Austrian hub had already petered out. The Austrian contract was seen offered at €25.30/MWh at one point, but no deals materialised at that level. As NCG Day-ahead dropped again towards the close and Baumgarten was assessed at parity. Austrian front month traded several times, also flat to NCG, the last at €24.70/MWh. DL/KZ
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