The resumption on Wednesday of natural gas flows through Austria’s Baumgarten physical hub meant PSV prompt contracts plunged at the start of trade.
Following Tuesday’s deadly explosion and the halt to flows, the Italian Day-ahead rocketed to an €80/MWh close. Yet on Wednesday morning, PSV Within-day was dealing at €29.20/MWh at 11:00 London time.
According to Italian operator Snam Rete Gas, imports from Austria were set to reach 88mcm. Italy was also importing 41mcm via Switzerland, up from 29mcm on Tuesday.
In Britain, the market remained undersupplied with prices still firm. At 11:00, NBP Day-ahead was assessed at 66.425p/th – equivalent to €25.753/MWh – just 1.3% lower than Tuesday’s close. The contract initially opened on Wednesday at 72p/th
Data from operator National Grid showed that linepack opened 38mcm short and briefly was forecast with a 41mcm deficit. By 11:00, expected closing linepack was 19mcm short.
Britain continued to rely heavily on imports from the European mainland. Gas supplies via the BBL and Interconnector were collectively flowing at a rate of around 105mcm/day.
On top of the lost UK domestic production associated with the Forties closure, a swathe of Norwegian capacity was offline on Wednesday. According to offshore grid operator Gassco Troll, Visund and Kvitebjorn all had capacity cut due to a power failure at the major swing field.
Together almost 131mcm/day of throughput was not available, Gassco data showed, with much of the loss impacting flows to Britain’s Easington terminal.
As Norwegian deliveries to the Emden point on the Dutch/German border did recover at the open, TTF prices were easing lower. At 11:00, the Day-ahead was assessed at €21.675/MWh, having closed on Tuesday at €22.263/MWh. firstname.lastname@example.org