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 cm/day, above the levels of end August (313 mm cm/day). Norwegian flows increased again, to 299 mm cm/day on average (compared to 288 mm cm/day on Thursday), as planned maintenance works ended. 

Asia JKM prices (-2.11% on the spot, to €71.087/MWh) and parity prices with coal for power generation (both coal and EUA prices were up) sent mixed signals. 

At the close, NBP ICE October 2021 prices increased by 4.420 p/th day-on-day (+2.79%), to 162.800 p/th. TTF ICE October 2021 prices were up by 185 euro cents (+2.93%) at the close, to €65.103/MWh. On the far curve, TTF Cal 2022 prices were up by 66 euro cents (+1.69%), closing at €40.040/MWh, and maintaining a comfortable spread against the coal parity price (€34.686/MWh).

Today, the market could focus on the monthly auctions for transportation capacity at the Mallnow interconnection point, as the level of booking by Gazprom could give an idea about its strategy for the coming weeks. Some key technical supports should be monitored today (€63.916/MWh on TTF October 2021 and €39.833/MWh on TTF Cal 2022). As long as prices remain above these levels, the uptrend will be confirmed.

EnergyScan - Gas market news


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

You might also read :

February 4, 2022

Markets shaken by BoE and ECB meetings

The BoE raised its base rate by 25bp, which was expected. What was less expected was that it almost raised it by 50bp and announced that it…
June 22, 2022

A dead cat bounce?

US equity markets bounced back on Tuesday, reversing some of the sharp losses recorded last week on the back of an historical 75 bp interest…
October 13, 2021

China’s energy crisis in focus

Crude prices remained supported, with ICE Brent futures above 83 $/b for the Dec-21 delivery. The energy crisis in China is likely to prompt further…
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?  Sign up here!