EnergyScan

Gas market news

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,…
ES-gas
September 10, 2021

Prices continued to rise

European gas prices extended gains yesterday, still supported by concerns on weak supply and low stock levels. Russian flows were slightly up, averaging 297 mm cm/day (compared to 296 mm cm/day on Wednesday), but still below the levels of end August (313 mm cm/day). As expected, Norwegian flows rebounded, to…
ES-gas
September 9, 2021

European gas prices maintained their bullish momentum

European gas prices maintained their bullish momentum yesterday as weak supply and low stock levels continued to raise concerns. Although Russian flows continued to rebound, averaging 296 mm cm/day (compared to 287 mm cm/day on Tuesday), thanks to the additional increase in flows through Poland to the Mallnow interconnection point,…
ES-gas
September 8, 2021

Prices extended gains on expectations of lower Norwegian supply

European gas prices extended gains yesterday. Russian supply rebounded, averaging 287 mm cm/day (compared to 278 mm cm/day on Monday), thanks mainly to the increase in flows through Poland to the Mallnow interconnection point, but they remained well below the levels of end August (313 mm cm/day). Norwegian flows were…
ES-gas
September 7, 2021

After an initial selloff, prices resumed their uptrend

European gas prices resumed their uptrend yesterday, still supported by ongoing tight fundamentals. Indeed, Russian supply dropped further yesterday, averaging 278 mm cm/day (compared to 288 mm cm/day on Friday), due to an additional drop in flows through Poland to the Mallnow interconnection point. Norwegian flows were also down, averaging…
ES-gas
September 6, 2021

Prices slightly down on profit taking

European gas prices weakened slightly on Friday, torn between the impacts of ongoing tight fundamentals and profit taking after the previous sessions’ strong gains. Indeed, Russian supply remained weak on Friday, averaging 288 mm cm/day (compared to 287 mm cm/day on Thursday), as both flows through Poland and Ukraine remained…
ES-gas
September 3, 2021

Prices resumed their uptrend

After taking a breather on Wednesday, European gas prices resumed their uptrend yesterday, still supported by tight fundamentals. Indeed, Russian supply remained weak yesterday, averaging 287 mm cm/day (compared to 288 mm cm/day on Wednesday), as both flows through Poland and Ukraine remained below their levels of last week. Norwegian…
ES-gas
September 2, 2021

Prices weakened after an initial rally

European gas prices weakened overall yesterday at the close. They increased during most of the session, supported by new worries on Russian supply, before falling at the end, probably because of profit taking.  On the pipeline supply side, Russian supply dropped yesterday, averaging 288 mm cm/day (compared to 313 mm…
ES-gas
September 1, 2021

Prices continued their rally

European gas prices rose again yesterday, still supported by relatively weak stock levels and uncertainty over Russian supply for the coming months. The rise in Asia JKM prices (+2.72% for the October 2021 contract, to €52.655/MWh) and in parity prices with coal for power generation (thanks to higher coal prices)…
ES-gas
August 31, 2021

Prices posted additional increases

In a session with low liquidity as the UK market was closed, European gas prices maintained their uptrend yesterday, still supported by tight fundamentals. The strong rise in Asia JKM prices (+3.07% on the spot, to €52.933/MWh) and in parity prices with coal for power generation (both coal and EUA…
ES-gas
August 30, 2021

Strong price increase

European gas prices increased strongly last Friday, supported by ongoing tight fundamentals (strong injection demand due to relatively weak stock levels while supply remains constrained) and short-covering for the last trading day of the September contract. The strong rise in Asia JKM prices (+5.28% on the spot, to €51.355/MWh) and…
ES-gas
August 27, 2021

Curve prices maintain their uptrend

European spot gas prices were mixed again yesterday, unable to find a strong driver. Prices on the curve were more clearly up, more sensitive to the increase in parity prices with coal for power generation than to the drop in Asia JKM prices. On the pipeline supply side, Russian flows…
ES-gas
August 26, 2021

Mixed price evolution

European gas prices were mixed yesterday, unable to find a strong driver. Asia JKM prices and parity prices with coal for power generation, which tend to set the ceiling and the floor for European prices respectively, sent mixed signals, up for the former, down slightly for the latter. On the…
ES-gas
August 25, 2021

European prices up in anticipation of a ruling on Nord Stream 2

European gas prices increased strongly yesterday, continuing their technical rebound as many market participants preferred to close their short positions in anticipation of a German-court ruling on the Nord Stream 2 pipeline. The rise in Asia JKM prices (+3.06% on the spot, to €47.752/MWh) and in parity prices with coal…
ES-gas
August 24, 2021

Mixed price evolution

European gas prices were mixed yesterday, torn between the impacts of technical rebound after last week’s strong losses and a more comfortable outlook for Russian supply. The rise in Asia JKM prices and in parity prices with coal for power generation (both coal and EUA prices were up) provided support,…
ES-gas
July 30, 2021

Bulls keep control of global gas prices

Natural gas prices continued to rise to record highs on Thursday with TTF prices trading above €40/MWh for the first time ever while JKM prices are approaching 8-year seasonal highs and are keeping European LNG supply tight (see below chart). Time spreads also traded in unchartered territories with the TTF…
ES-gas
July 29, 2021

TTF at €40/MWh

European gas prices hit new record highs on Wednesday with the TTF August 21 contract trading just below the €40/MWh mark while NBP August 21 prices breached the 100 p/th mark for the first time since 2008. On the far curve, TTF year-ahead prices hit a new eight-year high at…
ES-gas
July 28, 2021

European prices extended gains, tracking Asian prices

European gas prices extended gains yesterday on the back of ongoing tight fundamentals, as reflected by the weak levels of net storage injections (and stocks). Indeed, Norwegian flows remained weak yesterday, averaging 278 mm cm/day, compared to 275 mm cm/day on Monday (and 323 mm cm/day a week before), due…
ES-gas
July 27, 2021

European prices up again

European spot gas prices increased yesterday, supported mainly by lower Norwegian supply. Indeed, Norwegian flows were significantly down, averaging 275 mm cm/day, compared to 309 mm cm/day on Friday, due to an unplanned outage at the Troll field. By contrast, Russian supply jumped to 331 mm cm/day on average (compared…
ES-gas
July 26, 2021

Mixed European prices

European gas prices were mixed on Friday, torn between (slightly) more comfortable spot fundamentals and ongoing strong Asia JKM and parity prices with coal for power generation. On the pipeline supply side, Russian flows rebounded to 271 mm cm/day on average on Friday (compared to 162 mm cm/day on Thursday)…
ES-gas
July 23, 2021

Mixed European prices

European gas prices were mixed yesterday. Spot prices were slightly down, pressured by lower demand. By contrast, curve prices were rather up, more sensitive to the rise in oil and Asia JKM prices than to the drop in parity prices with coal for power generation (both EUA and coal prices…
ES-gas
July 22, 2021

European and Asian prices up

European gas prices rebounded yesterday, supported by the increase in oil and Asia JKM prices and technical buying. The rise in parity prices with coal for power generation (both EUA and coal prices were up) also exerted upward pressure. On the pipeline supply side, Russian flows were almost stable at…
ES-gas
July 21, 2021

European prices weakened

European gas prices weakened yesterday, pressured by rumors of an imminent US-German agreement on Nord Stream 2 and profit taking. The drop in parity prices with coal for power generation (both EUA and coal prices were down) also exerted downward pressure. On the pipeline supply side, Russian flows remained stable…

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