No sign of abating in global gas prices

Despitesome intraday volatility, European gas prices continued to trend higher onThursday. A further rise in coal (new high for the API 2 Jul-21 contract) andEUA prices (first settlement above €55/t since mid-May for the Dec-21 contract)dragged EU gas-to-coal switching levels higher again. In Asia, buying tendersfor spot LNG volumes in China, Taiwan and Pakistan as well as steady Brentprices continued to fuel the bullish sentiment in JKM prices. With Norwegianimports flowing at only 244 mm cm/day yesterday (compared to around 350 mmcm/day of technical capacity) due to seasonal maintenance (although its impactwill diminish in the coming days), low LNG sendouts due to ongoing plannedoutages at import terminals, low stock levels, prospects of tight Russian gassupply with Yamal and Norsdtream 1 shutdowns and potentially no upside inUkrainian transit in July, the supply picture remains tight in the short-term.

TTF prices vs coal to gas switching levels
Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

July 20, 2021


Falling inflation expectations, combined with collapsing equities globally, likely triggered a sell-off in crude and refined products futures. ICE Brent prompt contracts for September delivery went…
May 3, 2021

EUR/USD sharply down

The EUR/USD exchange rate plunged by more than 1$ on Friday and is now trading just above 1.20. The preliminary estimates of Q1 GDP growth…
June 24, 2021

Global gas prices move further north

Bulls kept control of European and Asian gas markets on Wednesday, pushing TTF and JKM benchmarks to new highs once again amid multiple supply outages…
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!