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 162 mm cm/day on average yesterday (compared to 163 mm cm/day on Tuesday), as the Nord Stream 1 gas pipeline is still shut for a 10-day planned maintenance that started on 13 July. Norwegian flows were slightly down, averaging 320 mm cm/day, compared to 323 mm cm/day on Tuesday.

At the close, NBP ICE August 2021 prices increased by 2.030 p/th day-on-day (+2.32%), to 89.680 p/th. TTF ICE August 2021 prices were up by 78 euro cents (+2.23%) at the close, to €35.949/MWh. On the far curve, TTF Cal 2022 prices were up by 26 euro cents (1.03%), closing at €25.301/MWh.

Low stock levels, weak pipeline supply and strong Asia JKM prices remain supportive for European gas prices and additional gains are likely. However, profit taking and technical resistances (€36.668/MWh on TTF August 2021 and €25.511/MWh on TTF Cal 2022) could however contribute to limit gains today.

ttf-cal-2022
Share this news :

You might also read :

ES-oil
July 26, 2021

Bonds vs risky assets

ICE Brent September contract traded at 73.3 $/b on early Monday, on a backdrop of declining US bond yields, depressing the price of risky assets such as…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet? 

[booked-calendar]