European gas markets experienced another strong upward move on Monday as transport capacity auctions for the next gas year closed at noon with no capacity booked at key entry points for Russian gas flows. TTF Cal+1 prices settled at a new 8-year high at €26.50/MWh: last time they traded at this level, Brent 1st nearby prices were trading above the $100/b mark but CO2 prices were 11 times lower than their current level. It should be noted that API 2 month-ahead prices rallied as well yesterday, breaching the $125/t level at the close.
The outlook remains bullish for EU gas markets today with the startup of the Yamal shutdown until Saturday, a poor LNG supply outlook in the short-term despite a tightening of the JKM-TTF spread recently and steady Brent prices.
Get more analysis and data with our Premium subscription
Ask for a free trial here
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.