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Gas market news

ES-gas
November 26, 2021

Slight price drop

Amid unchanged fundamentals, European gas prices weakened slightly overall yesterday. The (moderate) drop in Asia JKM prices (-1.91%, to €107.482/MWh, on the spot) helped accompany the drop. On the spot pipeline supply side, Norwegian flows were slightly up yesterday, at 348 mm cm/day on average, compared to 343 mm cm/day…
ES-gas
November 25, 2021

European gas prices increased again yesterday

European gas prices increased again yesterday, still supported by cold weather and concerns on Nord Stream 2. The strength in Asia JKM prices (+6.47%, to €109.571/MWh, on the spot; +0.80%, to €110.330/MWh, for the January 2022 contract) helped accompany the bullish momentum. On the spot pipeline supply side, Norwegian flows…
ES-gas
November 24, 2021

Prices rebounded on cold weather and US sanctions against Nord Stream 2

European gas prices rebounded yesterday, supported by cold weather and the US State Department decision to impose sanctions on a Russia-linked company and its work ship involved in finishing the Nord Stream 2 gas pipeline. The rise in Asia JKM January 2022 prices (+6.08%, to €109.455/MWh, while spot prices dropped…
ES-gas
November 23, 2021

Prices weakened again, slightly

European gas prices weakened again yesterday. Amid domestic fundamentals largely unchanged, the moderation in Asia JKM prices (-4.89%, to €103.426/MWh, on the spot; -0.36%, to €103.179/MWh, for the January 2022 contract) continued to exert downward pressure. On the spot pipeline supply side, Norwegian flows were almost stable yesterday, at 343…
ES-gas
November 22, 2021

European prices weakened on lower Asian prices

European gas prices weakened last Friday. Amid unchanged domestic fundamentals, the moderation in Asia JKM prices (-0.64%, to €108.740/MWh, on the spot; -8.16%, to €103.547/MWh, for the January 2022 contract) exerted downward pressure. On the spot pipeline supply side, Norwegian flows were stable on Friday, at 344 mm cm/day on…
ES-gas
November 19, 2021

Prices were mixed again yesterday

European gas prices were mixed again yesterday: slightly down on the spot, slightly up on the curve. Amid ongoing concerns on relatively low Russian supply, the moderation in Asia JKM prices (-5.71%, to €109.437/MWh, on the spot; +0.31%, to €112.743/MWh, for the January 2022 contract) helped limit the upward pressure.…
ES-gas
November 18, 2021

Strongly up for most of the session, prices weakened at the close

European gas prices were mixed yesterday, rising sharply for most of the session before falling back at the close. Strong Asia JKM prices (+13.24%, to €116.064/MWh, on the spot; -1.48%, to €112.397/MWh, for the January 2022 contract) fueled the initial upward movement. On the pipeline supply side, Norwegian flows continued…
ES-gas
November 17, 2021

Prices up after certification procedure of Nord Stream 2 AG was suspended

European gas prices increased strongly yesterday, supported by the Germany’s energy regulator (the Bundesnetzagentur) to suspend the procedure to certify Nord Stream 2 AG as an independent transmission operator, which brings new uncertainty over when the pipeline will begin commercial operations. The rise in Asia JKM prices (+8.82%, to €102.492/MWh,…
ES-gas
November 16, 2021

Prices up as Gazprom did not book additional transport capacity

European gas prices increased yesterday, supported by the results of the monthly gas transmission capacity auctions with Gazprom not booking additional capacity into Western Europe. The market ignored the increase in spot pipeline supply, probably worried about the upcoming fall in Norwegian flows. Norwegian flows rebounded to normal yesterday, to…
ES-gas
November 15, 2021

Mixed price evolution

European gas prices were mixed on Friday, torn between lower Norwegian supply, hopes of higher Russian flows and the additional easing in global coal markets. Norwegian flows dropped to 282 mm cm/day on average on Friday, compared to 301 mm cm/day on Thursday, still impacted by the unplanned outages at…
ES-gas
November 10, 2021

Prices down on higher Russian supply

European gas prices dropped yesterday as the long-awaited rise in Russian flows seems to materialize. Indeed, Gazprom said yesterday it had started to implement a plan for gas injection this month into five of its European storage facilities. Yesterday, Russian supply was higher (to 269 mm cm/day on average, compared…
ES-gas
November 9, 2021

Prices up as Russian supply disappointed

European gas prices increased yesterday as the hopes of an increase in Russian flows have been dashed. Indeed, Gazprom did not book extra transportation capacity at daily auctions on Sunday, and actually Russian flows remained almost stable yesterday, at 252 mm cm/day. On their side, Norwegian flows were up, averaging…
ES-gas
November 8, 2021

Prices up this morning as Gazprom did not book extra transportation capacity

European gas prices were mixed on Friday, waiting to see how Russian flows will evolve this week. As a reminder, on 27 October, President Putin had told Gazprom to start pumping gas into European gas storages (in Germany and Austria) once Russia finishes filling its own stocks, which may happen…
ES-gas
November 5, 2021

Prices dropped as Russia Yamal flows resumed

Prices dropped yesterday in most European gas markets, pressured by the additional increase in pipeline supply. Indeed, Russian supply increased again yesterday, to 250 mm cm/day on average, compared to 235 mm cm/day on Wednesday, thanks to the additional rise in flows through Ukraine and the restart of Yamal flows…
ES-gas
November 4, 2021

Strong price rebound

European gas prices continued their rebound yesterday, posting strong gains as they got support from the rise in Asia JKM prices (+7.15%, to €82.262/MWh, on the spot; +6.03%, to €96.266/MWh, for the December 2021 contract) and in parity prices with coal for power generation (thanks to the strong rise in…
ES-gas
November 3, 2021

Technical rebound amid unchanged fundamentals

Amid unchanged fundamentals, European gas prices rebounded yesterday, supported by technical buying after the previous sessions’ strong losses. Asia JKM prices (-7.74%, to €76.771/MWh, on the spot; +5.74%, to €90.793/MWh, for the December 2021 contract) and parity prices with coal for power generation (up as both coal and EUA prices…
ES-gas
November 2, 2021

Mixed price evolution

European gas prices were mixed yesterday. They received (moderate) support from lower pipeline supply. Indeed, Russian supply dropped to 210 mm cm/day on average yesterday, compared to 257 mm cm/day last Friday, as flows into Germany (through Poland) at the Mallnow interconnection point stopped from Sunday and have been switched…
ES-gas
October 29, 2021

Prices maintained their short term downtrend

European gas prices dropped significantly yesterday, still pressured by above-normal temperatures and more comfortable supply. Norwegian flows rebounded to 337 mm cm/day on average yesterday, compared to 328 mm cm/day on Wednesday. Russian flows were also higher, to 265 mm cm/day on average, compared to 262 mm cm/day on Wednesday.…
ES-gas
October 28, 2021

Prices down on hopes of higher Russian supply

European gas prices weakened yesterday, pressured by more comfortable spot fundamentals (above-normal temperatures, higher LNG supply). Moreover, on the pipeline supply side, Norwegian flows rebounded to 328 mm cm/day on average yesterday, compared to 311 mm cm/day on Tuesday. Russian flows were also higher, to 262 mm cm/day on average,…
ES-gas
October 27, 2021

Mixed price evolution

European gas prices were mixed yesterday, torn between conflicting fundamentals. On the pipeline supply side, Norwegian flows weakened again, to 311 mm cm/day on average, compared to 322 mm cm/day on Monday. By contrast, Russian flows were higher, to 256 mm cm/day on average, compared to 250 mm cm/day on…
ES-gas
October 26, 2021

Slight price increase

European gas prices increased yesterday. Spot prices were supported by lower Norwegian supply (322 mm cm/day on average, compared to 341 mm cm/day on Friday) due to planned maintenance works. Russian flows were also lower, to 250 mm cm/day on average, compared to 255 mm cm/day on Friday. The rebound…
ES-gas
October 25, 2021

Mixed price evolution

European gas prices were mixed on Friday. Spot prices were slightly up, supported by below-normal temperatures. By contrast, curve prices were slightly down as the additional drop in China coal prices continued to fuel hopes of an easing in global coal and gas markets. Asia JKM prices weakened on Friday:…
ES-gas
October 22, 2021

Prices weakened on sharply lower coal prices

European gas prices weakened yesterday, pressured by the sharp drop in coal prices (which pulled parity prices with coal for power generation significantly down) as the Chinese government’s intervention plan to increase coal supply seems to produce effects. If these effects are confirmed, they could lead to a slowdown in…
ES-gas
October 21, 2021

Slight price rebound

European gas prices rebounded yesterday during a session marked by low volatility. The slight increase in Asia JKM prices (+1.27%, to €104.205/MWh, on the spot; +1.76%, to €104.146/MWh, for the December 2021 contract) and in parity prices with coal for power generation (the strong rise in EUA prices offset the…
ES-gas
October 20, 2021

Mixed price evolution

European spot gas prices were mixed yesterday, while curve prices were more clearly downward. The latter continued their technical correction in a context of rather stable Asia JKM prices (-2.34%, to €102.895/MWh, on the spot; +0.21%, to €100.933/MWh, for the December 2021 contract) and lower parity prices with coal for…
ES-gas
October 19, 2021

Strongly up after the results of the auctions, prices weakened afterwards

European gas prices were mixed yesterday, torn between concerns on Russian supply after auction results for November gas transport capacity indicated that Gazprom did not intend to increase its deliveries via Ukraine and Poland (see news) and profit taking. Asia JKM prices (-2.09%, to €105.358/MWh, on the spot; +0.21%, to…
ES-gas
October 18, 2021

Prices weakened in Europe and in Asia

European gas prices weakened overall on Friday, pressured by forecasts of higher LNG supply in Europe in the coming days and profit taking. The drop in Asia JKM prices (-2.96%, to €107.606/MWh, on the spot; -10.04%, to €100.717/MWh, for the December 2021 contract) and in parity prices with coal for…
ES-gas
October 15, 2021

Prices have increased their rebound

European gas prices have increased their rebound yesterday, as the statements made by Russia’s Deputy Prime Minister Alexander Novak (saying that commercial gas deliveries via Nord Stream 2 may start right after the German regulator grants its permission) did not lift concerns about the level of Russian flows for the…
ES-gas
October 14, 2021

Prices continued to rebound

European gas prices continued to rebound yesterday, supported by uncertainty on the level of Russian flows for the coming months after President Putin said Russia is prepared to increase gas supplies to Europe if it receives requests for more gas from its customers (via long term contracts?). The rise in…
ES-gas
October 13, 2021

Slight price rebound

European gas prices rebounded slightly yesterday, torn between conflicting fundamentals (in particular weak stock levels, but hopes for an increase in Russian flows). Asia JKM prices (-3.29%, to €100.547/MWh, on the spot; +3.77%, to €98.425/MWh, for the December 2021 contract) and parity prices with coal for power generation (up thanks…
ES-gas
October 11, 2021

Mixed evolution yesterday

Supported by higher demand, European spot gas prices increased yesterday, partially filling their discount against near curve prices. These latter were down overall, pressured by the drop in Asia JKM prices (-8.21%, to €103.963/MWh, on the spot; -0.09%, to €94.853/MWh, for the December 2021 contract). Far curve prices were more…
ES-gas
October 8, 2021

Prices weakened again

European gas prices dropped again yesterday, pressured by more comfortable spot fundamentals and the strong fall in Asia JKM prices (-36.79%, to €104.713/MWh, on the spot; -7.07%, to €106.913/MWh, for the December 2021 contract). At the close, NBP ICE November 2021 prices dropped by 27.940 p/th day-on-day (-10.22%), to 245.510…
ES-gas
October 7, 2021

European prices closed lower after a very volatile session

After a very volatile session (see our news), European gas prices closed lower yesterday, in line with the sharp drop in coal parity prices. Asia JKM prices on their side closed in a mixed way: +42.35%, to €165.665/MWh, on the spot; -8.76%, to €115.111/MWh, for the December 2021 contract.  Norwegian…
ES-gas
October 6, 2021

Prices jumped to new highs

European gas prices increased again strongly yesterday, supported by ongoing concerns on supply scarcity, to which has been added the downward revision of temperatures forecasts for the coming days. The rise in Asia JKM prices (+14.37%, to €116.378/MWh, on the spot; +21.98%, to €126.161/MWh, for the December 2021 contract) and…
ES-gas
October 4, 2021

Prices weakened at the close, but the uptrend is ongoing

European gas prices weakened overall at the close on Friday. They started the session sharply higher, supported by the drop in Russian supply (to 263 mm cm/day on average, compared to 288 mm cm/day on Thursday, to the drop in Yamal flows to the Mallnow entry point). But, as these…
ES-gas
September 30, 2021

Prices continue to rally

European gas prices increased strongly yesterday, still supported by supply concerns. Indeed, although Russian flows rebounded slightly yesterday, averaging 287 mm cm/day, compared to 280 mm cm/day on Tuesday, thanks to the slight rebound in Mallnow flows, they were significantly below the 315 mm cm/day of Monday. Norwegian flows were…
ES-gas
September 29, 2021

Prices up on lower Russian flows

European gas spot and near curve prices were up overall yesterday, supported by lower Russian supply and the rise in Asia JKM prices (+11.52% on the spot, to €93.387/MWh, +0.64% for the November 2021 contract, to €85.735/MWh). The rise in year-ahead prices was more moderate as they were pressured by…
ES-gas
September 28, 2021

Strong price increase

European gas prices increased strongly yesterday, supported by ongoing concerns on low stock levels ahead of the winter. The rise in Asia JKM prices (+7.53% on the spot, to €83.738/MWh, +6.36% for the November 2021 contract, to €85.187/MWh) and in parity prices with coal for power generation (both coal and…
ES-gas
September 27, 2021

European prices rebounded on higher JKM and coal prices

European gas spot and near curve prices rebounded overall on Friday, as the increase in pipeline supply was offset by the rise in Asia JKM prices (+2.45% on the spot, to €77.876/MWh, +2.79% for the November 2021 contract, to €80.090/MWh) and technical buying. Prices on the far curve increased even…
ES-gas
September 24, 2021

Spot and near curve prices weakened again

European gas spot and near curve prices continued to weaken yesterday, pressured once again by the drop in Asia JKM prices (-2.66% on the spot, to €76.018/MWh, -1.07% for the November 2021 contract, to €77.919/MWh) and profit taking. Prices on the far curve were more resilient, supported by the rise…
ES-gas
September 23, 2021

Prices weakened again on the spot and the near curve

European gas spot and near curve prices weakened again yesterday, pressured by the drop in Asia JKM prices (-3.30% on the spot, to €78.098/MWh, -1.69% for the November 2021 contract, to €78.763/MWh) and profit taking. Prices on the far curve were more resilient, supported by the rise in parity prices…
ES-gas
September 22, 2021

European prices weakened slightly

European gas prices weakened slightly yesterday, despite the further rise in Asia JKM prices (+8.10% on the spot, to €80.761/MWh, +1.27% for the November 2021 contract, to €80.116/MWh). The drop seems to have been triggered by profit taking by financial participants after the strong increases of the previous session. On…
ES-gas
September 21, 2021

Prices up on weak Gazprom transportation capacity booking

European gas prices extended gains yesterday, after Gazprom booked less than half of the monthly transportation capacity offered at the Mallnow entry point from October: 28 mm cm/day booked out of the 85 mm cm/day that was offered. Although Gazprom can still book additional transport capacity through daily auctions, the…
ES-gas
September 20, 2021

European prices keep their uptrend

European gas prices rebounded on Friday, supported by technical buying after the strong drop of the previous session as the uptrend (fueled by low stock levels and uncertainty on the commercial start date of Nord Stream 2) is not yet invalidated. Russian flows were stable on Friday, averaging 318 mm…
ES-gas
September 17, 2021

Strong downward correction in Europe

European gas prices dropped significantly yesterday, pressured by more comfortable pipeline supply and profit taking after the previous sessions’ strong gains. Russian flows were stable yesterday, averaging 318 mm cm/day, above the levels of end August (313 mm cm/day). Norwegian flows continued to rebound, to 288 mm cm/day on average…
ES-gas
September 16, 2021

In a very volatile session, European prices posted further strong gains

In a very volatile session, European gas prices posted further strong gains yesterday. Concerns that Nord Stream 2 would probably not start commercial deliveries until 2022 continued to lend support. A fire that hit UK’s National Grid’s 2GW IFA power interconnector between France and the UK provided additional support. The…
ES-gas
September 15, 2021

Curve prices increased to record levels

European gas prices continued their (endless?) rise yesterday, still supported by concerns on the commercial start date of the Nord Stream 2 gas pipeline. As a proof that there is now a strong competition between European and Asian buyers to attract the needed LNG cargoes, prices were more sensitive to…
ES-gas
September 14, 2021

European gas prices continued their (seemingly endlessly) rise

European gas prices continued their (seemingly endlessly) rise yesterday, still supported by concerns on the start date of the Nord Stream 2 gas pipeline. Indeed, the German energy regulator said yesterday that the application by Nord Stream 2 AG for approval as an independent transmission system operator is now complete,…
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