Higher coal prices lent support to gas prices

European gas prices were mixed yesterday on the spot and the near curve. Russian flows dropped significantly, averaging 225 mm cm/day, compared to 245 mm cm/day on Monday, a drop that seems due to lower offtakes by long-term buyers. This was partly offset by higher Norwegian flows, which increased to 334 mm cm/day on average, compared to 324 mm cm/day on Monday. By contrast, far curve prices continued to increase, supported by the additional rise in coal prices.

At the close, NBP ICE May 2022 prices dropped by 1.860 p/th day-on-day (-0.87%), to 211.150 p/th. TTF ICE May 2022 prices were up by €2.08 (+2.08%), closing at €102.219/MWh. On the far curve, TTF ICE Cal 2023 prices were up by €2.45 (+3.14%), closing at €80.261/MWh.

In Asia, JKM spot prices dropped by 0.88%, to €93.927/MWh; May 2022 prices increased by 0.36%, to €103.900/MWh.