EnergyScan

Mixed price evolution

European gas prices were mixed yesterday. They received (moderate) support from lower pipeline supply. Indeed, Russian supply dropped to 210 mm cm/day on average yesterday, compared to 257 mm cm/day last Friday, as flows into Germany (through Poland) at the Mallnow interconnection point stopped from Sunday and have been switched to reverse. However, Poland’s gas monopoly said it continued to receive contractual volumes from Gazprom in full. Norwegian flows were up, averaging 340 mm cm/day on average yesterday, compared to 326 mm cm/day on Friday. But the additional drop in Asia JKM prices (-3.40%, to €83.207/MWh, on the spot; -3.03%, to €85.862/MWh, for the December 2021 contract) and in parity prices with coal for power generation (both coal and EUA prices were down) contributed to exert downward pressure.

At the close, NBP ICE December 2021 prices increased by 1.490 p/th day-on-day (+0.90%), to 167.470 p/th. TTF ICE December 2021 prices were up by 75 euro cents (+1.16%) at the close, to €65.619/MWh. On the far curve, TTF Cal 2022 prices were down by €1.01 (-2.21%), closing at €44.485/MWh, and the spread against the coal parity price (€29.983/MWh, -3.25%) remained almost stable.

Energyscan gas news

The swing in Russian flows fueled strong volatility from Friday. But overall, despite their yesterday’s rebound, TTF ICE December 2021 prices remain below their 5-day Low support. Given the uncertainty on Russian supply, a price rebound is likely, particularly as prices are about to be strongly oversold (5-day average below the 5-day Low).

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

You might also read :

ES-economy
March 30, 2022

Hopes for peace but what about sanctions?

Markets reacted strongly yesterday to Russia’s announcement of a significant reduction in military activity in the Kiev region. Many saw this as confirmation of progress…
ES-oil
October 28, 2021

Energy-sector correction

Font-month prices in the crude and refined product market dropped sizably, with Dec-21 ICE Brent dropping from 85 $/b to 82 $/b before rebounding on…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?  Sign up here!

[booked-calendar]