Prices climb up higher as chilly temperature levels continuePosted by Josephsen Gissel on January 26th, 2021 Gas rates on Continental Europe's trading hubs were seen higher on the timely Monday early morning, with temperature levels in Germany and the Benelux area readied to continue to be below seasonal averages in the coming week, maintaining need high, while contour agreements additionally climbed up greater, regardless of dropping oil. At noontime London time, the Dutch TTF day-ahead contract was seen trading at Eur28.80/ MWh, up by 80 euro cent from the close on Friday. In the neighboring German markets, both NetConnect as well as GASPOOL day-ahead rates got 45 euro cent to Eur28.55/ MWh and Eur28.45/ MWh respectively. Despite these gains, day-ahead costs continued to be listed below degrees seen on Thursday, when the TTF shut at Eur29.50/ MWh, the NetConnect at Eur29.60/ MWh and also the GASPOOL at Eur29.30/ MWh, according to Platts information. April gas on the TTF was additionally up, by 25 euro cent from Friday, changing hands at Eur26.40/ MWh. At the UK NBP, gas for Tuesday shipment was seen 4.90 pence/therm greater than its Friday close at 78.75 p/th. At midday London time, forecast demand in the UK stood at 313.1 million cubic meters, compared to seasonal regular demand of 277.2 million cu m, National Grid showed. According to website , this caused boosted need in the UK for gas from Belgium and also the Netherlands, cutting into German imports of high-calorific gas from these nations, with circulations from the Netherlands at 4 million cu m, compared with a height of 14 million cu m in the previous week. Bentek stated Germany was replacing several of this gas with higher imports from Russia via Nord Stream and Poland, and also from Austria. Forecaster CustomWeather revealed that temperatures in Germany as well as the Benelux region will certainly continue to be listed below regular in the coming week. 5/ -2 levels Celsius were anticipated for Amsterdam, 3/ -6 C for Berlin and 2/ -3 C for Hamburg on Wednesday, with temperature levels set to drift slightly lower in the weekend break. Temperatures in London on Wednesday were readied to be 6 C listed below the seasonal high/low of 12/4 C. On the other hand, later-dated TTF agreements were additionally seen trading greater from Friday, despite front-month Brent crude being seen, at 1155 GMT, .41/ barrel reduced at 8.41/ b. The Summer season 13 contract was up by 20 euro cent at Eur26.15/ MWh, while gas for distribution in 2014 was transforming hands at Eur26.65/ MWh, a boost of 10 euro cent.Like it? Share it! More by this author |