Moderate price increase overall

European gas prices were mixed yesterday: lower in the UK, higher overall on the continent as concerns on Russian supply continued to lend support. Russian flows remained stable yesterday at their weak 104 mm cm/day level. Norwegian flows were slightly lower, averaging 306 mm cm/day, compared to 308 mm cm/day on Tuesday.

As evidence that the market now expects lasting tension, the price rise has been stronger on the far curve and the backwardation has reduced.

At the close, NBP ICE July 2022 prices dropped by 22.240 p/th (-10.80%), to 183.620 p/th, equivalent to €72.727/MWh. TTF ICE July 2022 prices were up by €1.611 (+1.28%), closing at €127.171/MWh. On the far curve, TTF ICE Cal 2023 prices increased by €3.284 (+3.56%), closing at €95.472/MWh.

In Asia, JKM spot prices dropped by 1.45%, to €117.063/MWh; August 2022 prices dropped by 0.58%, to €119.853/MWh.

During  a session characterized once again by low volatility, TTF 1st nearby prices continued their “normalization” process yesterday, closing in the lower part of the range set by the 20-day High and the 5-day High. In the absence of a decisive fundamental element, this could still be the case today.

Share this news :

You might also read :

July 27, 2021

Self-supplying East

Crude prices regained the lost ground of last week, with ICE Brent September contract at 74.6 $/b. India plans to further commercialize its SPR, in an…
November 15, 2021

SPR release in the void ?

Crude prices remained pressured, sticking to the 80-82 $/b range, as the possibility of a US SPR release limited prompt tightness. With such growing political…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?