European prices up on strong Asian prices and technical buying

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.

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

You might also read :

July 26, 2021

Mixed European prices

European gas prices were mixed on Friday, torn between (slightly) more comfortable spot fundamentals and ongoing strong Asia JKM and parity prices with coal for…
May 3, 2021

European prices extended gains

European gas prices increased sharply on Friday. In addition to persistent concerns about Russian flows via Ukraine, there was the effect of the fall in…
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!