European prompt gas prices rose Wednesday despite strong Norwegian gas supplies, as higher than normal seasonal demand in the UK gas hub supported higher prices on the continent.
Day-ahead gas contracts on the Dutch TTF trading hub were valued at Eur26.55/MWh, up 5 euro cent from Tuesday's closing price.
On the neighboring German gas market, the price of gas for next day delivery on the NetConnect Germany was pegged 10 euro cent higher at Eur26.85/MWh at midday Wednesday, after closing lower on Tuesday.
The same contract on Germany's GASPOOL hub changed hands at Eur26.90/MWh, gaining 20 euro cent on the day.
Weather conditions were near to seasonal norms in Europe, while Norwegian supplies into Germany and the Netherlands remained stable. However, less gas from Norway into the UK and higher-than-expected gas demand kept continental gas prices up.
Brussels and Amsterdam are likely to experience around 3-5 degrees Celsius below norm in the next two days, while temperatures in Berlin and Hamburg are expected to remain above long-term averages for the rest of the week, according to forecaster CustomWeather data.
Norwegian gas exports to Germany and the Netherlands were strong at 143 million cubic meters of gas at 12:30 UK time, while piped gas exports via the Norway-UK Langeled link reached 17.5 million cu m of gas, Gassco's website showed.
The later dated contracts moved in line with the spot market, also posting small day-on-day gains.
The Dutch TTF June gas price was up 10 euro cent on the day at Eur26.40/MWh, while the Cal 14 contract was also valued at Eur26.40/MWh, up 10 euro cent on the day.
