EnergyScan

Gas market news

ES-gas
July 4, 2022

LNG continues to maintain a price divergence

European gas prices were mixed on Friday: rather down on the markets benefiting from strong LNG supply like the UK NBP, rather up on the others. On the pipeline supply side, Russian flows remained stable on Friday, at 104 mm cm/day on average. Norwegian flows increased to 324 mm cm/day…
ES-gas
July 1, 2022

Prices maintain their bullish trend

European gas prices were up overall yesterday, still supported by uncertainties on Russian supply and LNG flows (following the shutdown of the US Freeport LNG terminal and the disruption of loadings at the Shell’s Prelude FLNG terminal in Australia). The rise in coal prices  (+1.88% for API2 1st nearby prices,…
ES-gas
June 30, 2022

TTF CAL 2023 prices above the €100/MWh mark

Bulls kept control of European gas prices on Wednesday with concerns over a slowdown in storage injections in June (see below chart) due to the drop in Russian gas flows through the Nordstream 1 pipeline and the shutdown of the Freeport LNG terminal providing strong support. Europe gas stock fullness rate sits…
ES-gas
June 29, 2022

Spot prices up, curve prices more mixed

European spot gas prices increased yesterday, supported by higher demand. The trend was more mixed for curve prices which adopt a wait-and-see position in a context of stable Russian flows (at 104 mm cm/day on average). On their side, Norwegian flows increased very slightly to 322 mm cm/day on average…
ES-gas
June 28, 2022

Mixed price evolution

European gas prices were mixed yesterday, lacking support to climb much higher in a context of stable Russian flows and rebounding Norwegian flows (at 320 mm cm/day on average, compared to 311 mm cm/day on Friday). Day-ahead prices continued to trade in a wide range across European hubs, with NBP spot…
ES-gas
June 27, 2022

Prices took a breather, but the trend remains bullish

European gas prices took a breather after their strong rise of the previous session. The drop in coal prices (-3.34% for API2 1st nearby prices, -3.95% for Cal 2023 prices) also exerted downward pressure. For the moment, this decline in coal prices is essentially technical. But a more significant decline…
ES-gas
June 24, 2022

Prices supported by emergency measures taken by Germany

European gas prices increased yesterday, supported by the additional measures taken by Germany to tackle the gas crisis. Indeed, Germany has declared an “alert” notice, the second of the three stages of the emergency plan, which allows suppliers in theory to pass on higher costs to consumers to limit gas…
ES-gas
June 23, 2022

Moderate price increase overall

European gas prices were mixed yesterday: lower in the UK, higher overall on the continent as concerns on Russian supply continued to lend support. Russian flows remained stable yesterday at their weak 104 mm cm/day level. Norwegian flows were slightly lower, averaging 306 mm cm/day, compared to 308 mm cm/day…
ES-gas
June 22, 2022

Concerns on supply continue to support prices

European gas prices continued to increase yesterday, still supported by concerns on supply. Russian flows stabilized at their weak levels yesterday, averaging 104 mm cm/day. Norwegian flows were significantly lower, averaging 308 mm cm/day, compared to 329 mm cm/day on Monday, and are even lower this morning (287 mm cm/day)…
ES-gas
June 21, 2022

Prices maintain their uptrend

European gas prices were up overall yesterday as the weakness in Russian supply (stable yesterday at 104 mm cm/day on average, with Nord Stream 1 flows stabilizing at 68 mm cm/day) continued to dominate market sentiment. On their side, Norwegian flows increased slightly, averaging 329 mm cm/day on average, compared…
ES-gas
June 17, 2022

Prices torn between concerns on supply and profit taking

European gas prices were mixed yesterday, torn between ongoing concerns on supply and profit taking. Yesterday, reflecting the problems on the compressors mentioned the previous days, Russian supply weakened again, averaging 106 mm cm/day (compared to 136 mm cm/day on Wednesday), with Nord Stream 1 flows down to 70 mm…
ES-gas
June 16, 2022

Prices rose again as Russian supply should fall further

European gas prices maintained their bullish trend yesterday, supported by the prospect of an additional drop in Russian flows. Indeed, Gazprom said yesterday it had halted operations at one of three operational compressor units at the Portovaya compressor station due to maintenance issues. This should remove a further 33 mm…
ES-gas
May 24, 2022

Bearish sentiment continued to prevail in the carbon and power markets

The plummeting gas, coal and carbon prices amid comfortable supply and weakening demand pressure the European power spot prices yesterday. The day-ahead prices indeed faded by 17.74€/MWh from the previous day in Germany, France, Belgium and the Netherlands to reach 173.79€/MWh. The falling fuel complex drove the power forward prices…
ES-gas
May 24, 2022

Spot prices up on lower pipeline supply

European spot gas prices increased yesterday, supported by lower pipeline supply. Indeed, Norwegian flows dropped to 305 mm cm/day on average (compared to 325 mm cm/day on Friday), due to an unplanned outage at the Troll gas field. Russian flows were also lower, averaging 208 mm cm/day, compared to 227…
ES-gas
May 23, 2022

Prices weakened on bearish spot fundamentals

European gas prices weakened again on Friday, pressured by weak demand and comfortable supply. While Russian flows were stable, averaging 227 mm cm/day, Norwegian flows were up, to 325 mm cm/day on average, compared to 320 mm cm/day on Thursday. However, the rise in coal prices (+4.61% for API2 1st nearby…
ES-gas
May 20, 2022

Prices down as concerns about payment in rubles abate

European gas prices weakened yesterday. Russian flows increased again, averaging 227 mm cm/day, compared to 218 mm cm/day on Wednesday. Norwegian flows were also up, rebounding to 320 mm cm/day on average, compared to 312 mm cm/day on Wednesday. Comments from Russia Deputy Prime Minister Alexander Novak saying yesterday that…
ES-gas
May 19, 2022

Mixed price evolution

European gas prices were mixed yesterday. Russian flows increased slightly, averaging 218 mm cm/day, compared to 213 mm cm/day on Tuesday. By contrast, Norwegian flows dropped to 312 mm cm/day on average, compared to 325 mm cm/day on Tuesday, due to planned maintenance. While uncertainty on the payment of Russian…
ES-gas
May 18, 2022

Prices up as uncertainty remains on the payment in rubles

European gas prices were up yesterday, supported by the uncertainty on the payment of Russian gas in rubles. After Brussels released on Monday updated guidance on how companies can legally keep buying Russian gas, a European Commission spokesman said yesterday opening accounts in rubles at a Russian bank to pay…
ES-gas
May 17, 2022

Mixed price evolution

European gas prices were mixed yesterday, torn between conflicting fundamentals. Russian flows dropped yesterday, averaging 221 mm cm/day, compared to 225 mm cm/day on Friday. Monthly auctions for gas transportation capacity saw no rights allocated for transport through Ukraine for June delivery, while month-ahead auctions on the Yamal pipeline were…
ES-gas
May 13, 2022

Prices up after Russian flows through the second entry point in Ukraine dropped

Supported by rising concerns on Russian supply, European gas prices were up overall yesterday, in a context of persistent decorrelation between day-ahead and month-ahead prices (see the Gas & Coal Weekly Report published yesterday). Indeed, Russian flows through Ukraine at the Velke Kapusany entry point dropped again yesterday (averaging 58 mm cm/day,…
ES-gas
May 12, 2022

Prices torn between high LNG supply and the drop in Russia supply through Ukraine

European gas prices dropped yesterday as the impact of the force majeure on the Sokhranivka entry point faded somewhat. But, physically, Russian flows through Ukraine at the Velke Kapusany entry point weakened further yesterday, averaging 67 mm cm/day, compared to 81 mm cm/day on Tuesday, driving total Russian flows to…
ES-gas
May 11, 2022

Prices up after Russian flows through Ukraine drop

European gas prices rebounded yesterday after one of the two entry points for Russian gas transit through Ukraine stopped operating (see the news we released yesterday afternoon). And actually, Russian flows through Ukraine dropped to 81 mm cm/day on average yesterday, compared to 92 mm cm/day on Monday, driving total…
ES-gas
May 10, 2022

Prices extended losses

European gas prices extended losses yesterday, still pressured by weak demand and strong LNG supply. The drop in coal prices (-4.37% for API2 1st nearby prices, -5.89% for Cal 2023 prices) provided additional downward pressure. On the pipeline supply side, Norwegian flows dropped to 311 mm cm/day on average yesterday, compared…
ES-gas
May 9, 2022

Prices torn between comfortable spot fundamentals and concerns on Russian supply

European spot gas prices dropped strongly on Friday, pressured by weak demand and ongoing strong LNG supply while pipeline flows remained stable (Norwegian flows at 320 mm cm/day on average, and Russian flows at 260 mm cm/day on average). The drop in curve prices was more moderate, particularly on the TTF, as…
ES-gas
May 6, 2022

Prices maintain their uptrend

European gas prices maintained their uptrend overall yesterday, supported by the additional rise in coal prices: +3.20% for API2 1st nearby prices; +3.04% for Cal 2023 prices. (More details are available in the Gas & Coal Weekly Report published yesterday.) Norwegian flows weakened significantly yesterday, to 321 mm cm/day on average, compared to 337…
ES-gas
May 5, 2022

Prices up again on higher coal and oil prices

European gas prices were up again yesterday, supported by the additional rise in coal prices (+10.31% for API2 1st nearby prices; +8.72% for Cal 2023 prices). The rise in Norwegian flows (to 337 mm cm/day on average yesterday, compared to 327 mm cm/day on Tuesday) failed to calm the upward pressure.…
ES-gas
May 4, 2022

Prices up on higher coal prices

European gas prices were up overall yesterday, mainly supported by the strong rise in coal prices (+8.94% for API2 1st nearby prices; +5.45% for Cal 2023 prices). Reflecting an urgency to secure supplies amid increasing blackouts, India has asked yesterday state and private sector utilities to ensure delivery of 19 million…
ES-gas
May 3, 2022

Prices down on higher flows from Russia and Norway

European gas prices were down overall yesterday, pressured by the rise in pipeline supply. Indeed, Russian flows were significantly up yesterday, averaging 260 mm cm/day, compared to 223 mm cm/day on Friday. Norwegian flows were also up, to 317 mm cm/day on average, compared to 304 mm cm/day on Friday. …
ES-gas
April 28, 2022

Market sentiment dominated by the cut in Russian deliveries to Poland and Bulgaria

Prices increased again yesterday in most European gas markets. As expected, Russia suspended yesterday deliveries to Poland and Bulgaria after they refused to pay for supplies in rubles, raising concerns more European customers could be cut off. However, total Russian flow were up yesterday, averaging 223 mm cm/day, compared to…
ES-gas
April 27, 2022

Prices strongly up after Russia cut supplies to Poland

European gas prices increased strongly yesterday after PGNiG, the state-controlled Polish company, said Russian gas supplies to Poland under its long-term contract with Gazprom were to be completely suspended from April 27 after it refused to settle its bills in rubles. Obviously, this decision by Gazprom has raised serious concerns…
ES-gas
April 26, 2022

Prices maintain their downtrend

Prices were down again yesterday in most European gas markets, pressured by the increase in pipeline supply. Indeed, Norwegian flows rebounded, averaging 305 mm cm/day, compared to 269 mm cm/day on Friday. Russian flows were also higher, at 220 mm cm/day on average, compared to 209 mm cm/day on Friday.…
ES-gas
April 25, 2022

Prices maintain their stable trend

European gas prices weakened on Friday, maintaining their stable trend, and seemingly insensitive to the strong drop in pipeline supply. Indeed, Norwegian flows dropped significantly, averaging 269 mm cm/day, compared to 306 mm cm/day on Thursday, still impacted by a series of planned and unplanned maintenance. Russian flows were almost…
ES-gas
April 22, 2022

Prices up on lower Norwegian supply

European gas prices increased again yesterday, supported by lower pipeline supply. Indeed, Norwegian flows weakened again, averaging 306 mm cm/day, compared to 313 mm cm/day on Wednesday, impacted by an additional outage, unplanned this one, at Kollsnes. Moreover, the end of the planned maintenance at the giant Troll field has…
ES-gas
April 21, 2022

Prices up on lower Norwegian supply and higher coal prices

European gas prices increased yesterday, supported by lower Norwegian flows (down to 313 mm cm/day on average, compared to 346 mm cm/day on Tuesday, due to planned maintenance at the giant Troll gas field and the Kollsnes processing plant) and higher coal prices (+1.29% for API2 1st nearby prices, +4.40% for…
ES-gas
April 20, 2022

Slight price drop on the curve

European spot gas prices rebounded yesterday from the lows recorded over the Easter weekend. Curve prices closed slightly lower, but well above their lows of last Thursday. On the pipeline supply side, Russian flows weakened slightly yesterday, averaging 205 mm cm/day, compared to 207 mm cm/day on Monday. Norwegian flows…
ES-gas
April 19, 2022

Prices down on bearish Asian fundamentals

European gas prices dropped last Thursday, pressured by mild weather, ongoing strong LNG supply and rebound in pipeline flows. The drop in coal prices (although offset by higher EUA prices) also sent a bearish signal. At the close on Thursday, NBP ICE May 2022 prices dropped by 35.840 p/th day-on-day…
ES-gas
April 15, 2022

Prices down on bearish fundamentals

European gas prices dropped yesterday, pressured by mild weather, ongoing strong LNG supply and rebound in pipeline flows. Indeed, Russian supply rebounded yesterday, averaging 231 mm cm/day, compared to 217 mm cm/day on Wednesday. Norwegian flows also rebounded to 339 mm cm/day on average, compared to 325 mm cm/day on…
ES-gas
April 14, 2022

Prices up on lower pipeline supply and resilient coal prices

European gas prices were up overall yesterday, supported by lower pipeline supply and resilient coal prices. Indeed, Russian supply dropped again yesterday, averaging 217 mm cm/day, compared to 225 mm cm/day on Tuesday. Norwegian flows dropped to 325 mm cm/day on average, compared to 334 mm cm/day on Tuesday, due…
ES-gas
April 13, 2022

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…
ES-gas
April 12, 2022

Prices down on the spot and the near curve, up on the far curve

European spot and near curve gas prices dropped yesterday, pressured by warmer weather and comfortable LNG and pipeline supply. Russian flows rebounded slightly yesterday, averaging 245 mm cm/day, compared to 241 mm cm/day on Friday. Norwegian flows were stable at 324 mm cm/day on average. By contrast, far curve prices were…
ES-gas
April 11, 2022

Far curve prices up on higher coal prices

European gas prices were mixed on Friday, down overall on the spot (except in Italy) and the near curve, up on the far curve. The rise in Italy PSV day-ahead prices seems due to the fall in Russian flows, which averaged 241 mm cm/day in total, compared to 260 mm…
ES-gas
April 7, 2022

Far curve prices up again as Europe considers more sanctions against Russia

European gas prices were mixed again yesterday, torn between more comfortable spot fundamentals and concerns on future supply as European officials consider more sanctions against Russia. In particular, European Council President Charles Michel said that the EU will need to take action on Russian gas imports “sooner or later”. Meanwhile,…
ES-gas
April 6, 2022

Far curve prices strongly up after the EU proposed a ban on Russian coal

European gas prices were once again mixed yesterday. They dropped slightly on the spot and the near curve, pressured by warmer weather and comfortable pipeline supply. Indeed, Russian flows were stable yesterday, averaging 258 mm cm/day. Norwegian flows dropped slightly to 329 mm cm/day on average, compared to 331 mm…
ES-gas
April 5, 2022

Mixed price evolution

European gas prices were mixed yesterday. They dropped on the spot and the near curve, pressured by forecasts of higher temperatures and comfortable pipeline supply. Indeed, Russian flows were slightly down yesterday, averaging 258 mm cm/day, compared to 262 mm cm/day on Friday. Norwegian flows increased to 331 mm cm/day…
ES-gas
April 1, 2022

Prices up after Putin asked “unfriendly” buyers to pay in rubles

European gas balances remained comfortable yesterday, thanks in particular to strong pipeline supply. Indeed, Russian flows were up, averaging 269 mm cm/day, compared to 253 mm cm/day on Wednesday. Norwegian flows increased to 325 mm cm/day on average, compared to 319 mm cm/day on Wednesday.  But it was Moscow’s statements…

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