EnergyScan

Gas market news

ES-gas
May 25, 2022

Prices up on concerns about lower pipeline supply

European gas prices were up overall yesterday. Notably, Norwegian flows continued to be impacted by the unplanned outage at the Troll gas field, although they increased slightly to 308 mm cm/day on average, compared to 305 mm cm/day on Monday. Russian flows were also very slightly up, averaging 209 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…
ES-gas
March 31, 2022

Prices up again on colder weather

European gas prices were up again yesterday, more sensitive to the drop in temperatures than to the still-comfortable pipeline supply. Indeed, Russian flows were slightly up yesterday, averaging 253 mm cm/day, compared to 251 mm cm/day on Tuesday. Norwegian flows were stable, at 319 mm cm/day on average. Note that…
ES-gas
March 30, 2022

Prices up on colder weather

European gas prices were up yesterday, supported by forecasts of colder weather. However, spot fundamentals remain comfortable overall as storages show (European gas storages are in net injection mode since March 22). On the pipeline supply side, Russian flows were almost stable yesterday, averaging 251 mm cm/day, compared to 250…
ES-gas
March 29, 2022

Mixed price evolution

European gas prices were mixed yesterday as the impact of colder weather was partly offset by still-comfortable supply. In particular, Russian flows were up yesterday, averaging 250 mm cm/day, compared to 245 mm cm/day on Friday. Norwegian flows were stable, at 323 mm cm/day on average.  Note that the Kremlin…
ES-gas
March 28, 2022

Prices down again on still-comfortable spot fundamentals

European gas prices dropped again on Friday, pressured by still-comfortable spot fundamentals, as storages show (they switched to net injection mode since 22 March). In particular, Russian flows were up on Friday, averaging 245 mm cm/day, compared to 236 mm cm/day on Thursday. Norwegian flows were almost stable, averaging 323…
ES-gas
March 25, 2022

Slight downward correction

European gas prices eased slightly yesterday as the bullish momentum fueled by President Putin’s announcement that Russia will seek payment in rubles for gas sold to “unfriendly” countries faded a little. The general sentiment was that, under contractual arrangements, the supplier cannot unilaterally change the payment currency. The increase in…
ES-gas
March 24, 2022

Prices strongly up as Russia will seek payment in roubles

European gas prices rebounded strongly yesterday, supported by President Putin’s announcement that Russia will seek payment in roubles for gas sold to “unfriendly” countries (these countries include among others the United States, European Union member states, Britain, Japan, South Korea). On its side, the European Commission published yesterday its final…
ES-gas
March 23, 2022

Slight price increase

European gas prices rebounded slightly yesterday, still torn between improving stock levels and some concerns on future supply. They received support from  the strong drop in Norwegian flows, down to 303 mm cm/day on average, compared to 325 mm cm/day on Monday, following an unplanned outage at the giant Troll…
ES-gas
March 22, 2022

Prices down on improving stock levels

European gas prices weakened yesterday, pressured by improving spot fundamentals, as shown by storages that have switched to net injection mode for the European Union as a whole. However, some concerns remained on supply for the coming weeks (on Russian and LNG flows), reflected in lower price declines on the…
ES-gas
March 21, 2022

Prices torn between comfortable spot fundamentals and fears on future supply

European gas prices were mixed on Friday, torn between comfortable spot fundamentals and fears on the evolution of Russian flows in the coming weeks (they were slightly up to 214 mm cm/day on average, compared to 211 mm cm/day on Thursday. The resilience of Asia JKM prices (spot prices dropped…
ES-gas
March 18, 2022

Slight price rebound

European gas prices rebounded slightly yesterday, supported by the additional drop in pipeline supply. Indeed, Russian flows weakened again yesterday, to 211 mm cm/day on average, compared to 229 mm cm/day on Wednesday. Norwegian flows dropped to 315 mm cm/day on average, compared to 319 mm cm/day on Wednesday. But…
ES-gas
March 17, 2022

Prices dropped on prospects of higher Norwegian production

European gas prices weakened yesterday, not very sensitive to the drop in Russian flows (down to 229 mm cm/day on average, compared to 252 mm cm/day on Tuesday, probably because of lower offtakes by long term buyers) and in Norwegian flows (down to 319 mm cm/day on average, compared to…
ES-gas
March 16, 2022

Mixed price evolution

European gas prices were mixed yesterday as the drop in Russian supply came to remind that the fundamental situation remains fragile. Indeed, Russian flows dropped to 252 mm cm/day on average yesterday, compared to 273 mm cm/day on Monday, mainly because of the halt in Yamal flows through Poland. By…

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