Prompt prices on the Dutch and German gas markets fell further Wednesday as healthy storage inventories and rising temperatures hit demand, while higher Norwegian flows also weighed on the market.
At midday UK time, the day-ahead gas price on the Netherlands TTF hub dipped to Eur18.70/MWh, down 5 euro cents, having traded at an intra-day low of Eur18.65/MWh earlier.
The German NetConnect next day contract changed hands at Eur19/MWh, 30 euro cents below Tuesday's close.
The GASPOOL day-ahead contract fell to Eur19.10/MWh at midday trade, 25 euro cents lower.
Gas for June delivery on the TTF was trading at Eur19.30/MWh, down 15 euro cents, while the front-month contract on the NetConnect fell 5 euro cents to Eur19.70/MWh.
According to Bentek Energy's morning nominations, Dutch gas demand was stable on the day at 252 million cubic meters/day, having dropped around 15 million cu m from weekend levels. Also, current demand levels were below the seasonal average of 271 million cu m.
On the supply side, Norwegian gas flows to the Dornum and Emden beach terminals on the Dutch-German border rose around 10 million cu m to 141 million cu m at 12:15 pm UK time, Gassco data showed.
Meanwhile, German storage was 65% full, which compared with 23% at the same time last year, the Bentek report said.
