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 :

You might also read :

ES-power
January 18, 2022

Waning energy complex

Most the power spot prices rebounded in northwestern Europe yesterday on forecast of a sharp drop in wind output for today, with prices rising by…
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? 

[booked-calendar]