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| EURO GAS: Continental markets edging back up after low open |
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| News Source：http://www.jinchemical.com/
; SendDate：2011-7-15 17:10:33 |
Continental European gas markets were edging back up at 1200 London time Thursday after opening well below Wednesday's close.
Traders said this was because rising oil had brought down the curve and economic jitters had depressed the prompt, but the market had gradually regained some confidence over the morning.
In Continental Europe, the national Bastille Day holiday in France removed players from the market and reduced interest somewhat. Typically, by midday all the prompt contracts had returned to within 5 euro cent of their Wednesday close, with main hub the Dutch TTF seeing the day-ahead contract at Eur21.80/MWh, down 5 euro cent.
But the same contract at France's PEG Nord, at Eur21.75/MWh, and Germany's GASPOOL, at Eur21.80/MWh, moved 5 euro cent above Wednesday's close over the morning.
At NetConnect Germany the day-on-day slump was more marked. The day-ahead contract shed 45 euro cent to trade at Eur22.75/MWh.
On the near curve, the front month traded consistently just below its previous close. At the TTF, August traded at Eur21.80/MWh, down 10 euro cent, with NCG at Eur21.90/MWh, also down 10, GASPOOL at Eur21.80/MWh, down 5 euro cent, and PEG Nord at Eur21.90/MWh, down 5 euro cent.
High trading volumes were reported at the TTF on the calendar year Cal 12, the key contract for power generation gas buyers, but even it shed value. It traded at Eur27.65/MWh at midday, down 10 euro cent.
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