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Germany/Austria: Day-ahead natural gas prices climb to new intra-day highs for the week

07 Feb 2012 20:42:16 | esgm

In Germany, prices continued to climb on Tuesday because of the bullish movement that has gripped the market recently.

Prices opened strongly and climbed swiftly early on to peak at new intra-day highs, but came off in the second half of the session.

The NCG Day-ahead opened €0.25/MWh above the previous day's close at €36/MWh, and rose to as much as €41.65/MWh in the first hour of trade. The contract came off again, returning to levels around €39/MWh, in the late morning.

But in the early afternoon, Day-ahead rose once to the previous high of €41.65/MWh. At the close, when a wide bid-offer level was reported, it finally settled at €38.25/MWh, having gained 7% day on day.

Similarly, at GASPOOL, the Day-ahead opened slightly above Monday's close at €38/MWh. But unlike Monday, the contract's intra-day high exceeded that of the NCG, as GASPOOL rose to €41.975/MWh early on and was reported to have changed hands at €43/MWh after the close.

At 16:30 UK time, however, the contract saw little action, with only a much lower €22/MWh appearing on screen.

Further out, curve contracts saw limited action at the NCG, as the market's focus remained on the prompt.

At Baumgarten, the Day-ahead contract continued to trade at record highs, hitting €42.25/MWh in the morning but traders reported an increase in offers in the afternoon, with the result being that the price dropped to €38/MWh.

This resulted in a brief but hefty discount to the NCG equivalent, although this was short-lived and reduced by the close.

There was a lack of bids and offers on most contracts in the run up to the 16:30 London-time close.

Balance of Week traded up to €39.30/MWh in the morning, but curve contracts were only reported marginally up day on day.The spot continued to rise despite the regulator trying to ease concerns over supply (see separate story). EC/KA/MLDB

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