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) due to a compressor failure at the Troll field.

The additional strong rise in coal prices (+6.68% for API2 1st nearby prices, +8.24% for Cal 2023 prices) also provided support.

Note that after the Netherlands and Denmark, Sweden in turn declared a gas market “early warning”.

At the close, NBP ICE July 2022 prices increased by 5.020 p/th (+2.50%), to 205.860 p/th, equivalent to €81.849/MWh. TTF ICE July 2022 prices were up by €4.933 (+4.09%), closing at €125.560/MWh. On the far curve, TTF ICE Cal 2023 prices increased by €3.864 (+4.37%), closing at €92.188/MWh.

In Asia, JKM spot prices increased by 2.03%, to €119.236/MWh.

With a Russian supply that does not deteriorate further and a Norwegian supply expected to increase from tomorrow, TTF 1st nearby prices could continue their “normalization” process today, ie trade in the lower part of the range set by the 20-day High and the 5-day High.

Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

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,…
January 29, 2021

European prices rebounded

Prices rebounded yesterday in most European gas markets, supported by new weather forecasts pointing to below-average temperatures in February. To the exception of Spain PVB…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?  Sign up here!