Germany/Austria/Italy/Czech Republic: German prices head south; Austrian trading is thin
Friday brought lower prices at both the NCG and GASPOOL, as price developments at these hubs mirrored developments at a bearish TTF - with the exception of the NCG spot.Temperatures proved a depressing factor on the prompt, as they are expected to become milder in the second half of next week.
German power, which along with coal has proven a strong driver for both the German gas curves in recent sessions, saw a weaker curve on Friday and is expected to continue on its downward trend next week. This may again see gas following it downward, as it has done in part over the course of this week. The trend is put down, once again, to warmer weather and expectations of upcoming wind.
At Baumgarten on Friday, trade was thin. In particular, little traded in the post-lunch session. One trader referred to the market as "weak and empty". There was a lack of interest because forecast cold weather for the weekend and the beginning of next week was causing sellers to be fearful of letting go of their gas, he said. However, traders also reported a lack of buyers.
Day-ahead was range-bound over the session, opening at €22.20/MWh and dealing down to trade last, reportedly at €21.95/MWh.
Weekend dealt at only a notional discount to gas for delivery on Monday, as the weekend is expected to be cold. February lost €0.45/MWh. "It followed other European gas markets," one trader said. RS/MLDB
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