EUAs posted further gains on lingering gas market’s strength
The power spot prices in northwestern Europe for today remained almost steady compared to Friday as the slightly weaker French nuclear and hydro generation should…
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European gas prices rebounded on Friday, supported by the strong rise in JKM prices in Asia (where high temperatures are driving demand up) and technical buying. On the pipeline supply side, Russian flows were stable at 163 mm cm/day on average yesterday, with the Nord Stream 1 gas pipeline still shut for a 10-day planned maintenance that started on 13 July. Norwegian flows were almost stable, averaging 326 mm cm/day, compared to 327 mm cm/day on Thursday.
At the close, NBP ICE August 2021 prices increased by 2.350 p/th day-on-day (+2.83%), to 85.480 p/th. TTF ICE August 2021 prices were up by 105 euro cents (+3.09%) at the close, to €34.842/MWh. On the far curve, TTF Cal 2022 prices were up by 36 euro cents (+1.46%), closing at €25.154/MWh.
Weak supply and strong Asia JKM prices could continue to lend support to European gas prices today. However, technical resistances (€35.972/MWh on TTF August 2021 and €25.583/MWh on TTF Cal 2022) could contribute to limit gains.