However, the mood was overwhelmingly one of caution, as suppliers were reluctant to sell gas on the day. Within-day nominations through the Interconnector consequently fell short of the increase in pipeline capacity.
Day-ahead displayed more confidence, and remained relatively stable for the majority of the session to trade within a narrow band of 21.50-21.60 p/th. However, a 25,000-therm parcel transacted late in the session at 22.00 p/th, though earlier bids at this level had failed to attract offers.
The extremely thin talk in the Balance-of-week contract — where bids remained at 21.00 p/th all day with no offers — reflected the underlying uncertainty in the market over where nearside prices would move in the short-term. “No-one wants to get caught short in a big price move,” remarked one participant.
The uncertainty surrounding the reliability of Interconnector flows boosted discussion at the IZT (Zeebrugge flange), where Within-day traded at 21.25 p/th, and Day-ahead dealt at 21.00 p/th with a total volume of around 2 million therms.
Further out in the prompt, the Weekend contract witnessed the sharpest fall of the session, trading down a penny from Tuesday’s close to 20.00 p/th. Balance-of-month was quoted wide at 20.55-22.25 p/th amid the prevailing uncertainty, and players said there was “simply no interest” in trading the contract in the present climate.
In the curve, the front months moved up on the back of gains at the NBP, as players reported unchanged basis levels in November
and December, and a lack of outright trading in either contract at Zeebrugge.At the Dutch TTF, a 30 MW January parcel exchanged
hands at 13.50/MWh. Otherwise, traders reported a very thin session, reflecting an absence of interest on either the buy or
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Gas - Day-ahead slips slightly
Donnerstag, 09.10.2003, 08:26 Uhr