Weekend traded as low as 0.75 p/th below Wednesday’s close at 26.50 p/th, while Working-days-next-week was quoted mid-afternoon around 0.125 p/th lower day-on-day at 28.70-29.15 p/th. Despite the losses, players pointed to the fact that prompt prices are not in fact lower than last year, when Day-ahead was around 18.40 p/th in November.

Players attributed the fact that prices are higher this year mainly to the view that storage levels, though nearing full capacity, are currently lower than at this time last year. Nevertheless, with demand weak and overall supply levels strong at both the NBP and Zeebrugge, Within-day traded down to 22.00 p/th on the day. Day-ahead basis opened flat, but was then reported trading as low as –0.50 p/th to the NBP. However, the basis moved back to flat to +0.10 p/th in thin talk at the close. 

With Balance-of-month and December heard on the day at a premium of around 3.50 p/th and 5.00 p/th respectively to Day-ahead, traders said prices further out had already factored in an anticipated fall in temperatures towards the end of the month.

Once again, very low gas flows were reported through the Bacton-Zeebrugge Interconnector, which players said was primarily due to low continental demand resulting from the seasonally mild weather. One suggested that flow direction through the pipeline was becoming something of a “non-issue” for traders at present.

In the curve, contracts firmed in thin talk, supported by a rise in crude oil prices, which one player attributed to an increase in underlying nervousness in the market triggered on the day by international events.

At the Dutch TTF the very prompt traded lower, as a 70 MW Within-day parcel transacted at EUR 11.50/MWh. The front curve firmed on the back of stronger crude oil prices, resulting in Q4 ’04 transacting at EUR 12.75/MWh, around EUR 0.75/MWh higher from Wednesday’s closed. A Calendar ’04 parcel had also transacted late on Wednesday at EUR 11.90/MWh, around EUR 0.20/MWh above the previous close.

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