Bulls still in charge of European gas prices

European gas prices ended the week on another bullish note on Friday, supported by the delayed start-up of production at the Asgard field in Norway after seasonal maintenance (15 mm cm/day impact), low wind power generation and a further drop in LNG regas flows from NW Europe import terminals. The TTF ICE July-21 contract settled just above the Q1-22 contract at the close in a very unusual move. Strong oil and coal prices (new 2021 highs for Brent and API 2 benchmarks) pushed contracts further high as well on the far curve. As a reminder, you’ll find here our summary of the key elements behind this historical jump in global gas prices (for premium users only).