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 and Italy PSV prices, European prices ignored the additional easing of Asian prices. Indeed, system baseload spot power prices on the Japan Electric Power Exchange for delivery today dropped to €64/MWh, compared to €76/MWh for delivery on Thursday, far below the record levels of the previous weeks. JKM spot prices weakened to €26.744/MWh yesterday, -4.59% day-on-day.

On the pipeline supply side, Russian flows remained stable yesterday, at 320 mm cm/day on average, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows were also almost stable, averaging 339 mm cm/day, compared to 340 mm cm/day on Wednesday.

ttf-cal-2022-29
Share this news :

You might also read :

ES-oil
September 2, 2021

OPEC+ does not deviate from its path

Yesterday’s OPEC meeting was uneventful, as the group briefly met, to extend the current production policy of a 400 kb/d group-wide production increase in October.…
ES-gas
January 27, 2021

Prices dropped again in Asia and in Europe

European gas prices dropped again yesterday, both on the spot and the curve. Prices continued to be pressured by the milder end of January-February weather outlook.…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter