Prices down by the close

After a strong start, European gas prices weakened by the close yesterday as the 30 mm cm/day of day-ahead transport capacity at Mallnow booked by Gazprom suggests Russian supply is likely to at least remain flat. The spread with Asia JKM prices (+2.43% on the spot, to €112.127/MWh; -1.24% for the January 2022 contract, to €108.195/MWh) widened slightly. On the spot pipeline supply side, Norwegian flows were slightly down yesterday, at 346 mm cm/day on average, compared to 349 mm cm/day on Monday. The same for Russian supply, which averaged 286 mm cm/day, compared to 285 mm cm/day on Monday. 

At the close, NBP ICE January 2022 prices dropped by 1.450 p/th day-on-day (-0.61%), to 236.860 p/th. TTF ICE January 2022 prices were down by 93 euro cents (-1.00%) at the close, to €92.513/MWh. On the far curve, TTF Cal 2022 prices were down by 48 euro cents (-0.86%), closing at €55.256/MWh, with the spread against the coal parity price (€34.860/MWh, -3.88%) widening.

TTF ICE January 2022 prices challenged the 5-day High resistance yesterday before closing around the 5-day average. The volatility of the two last sessions comes mainly from the expiration of the December 2021 contract (with last minute buying). Prices could now stabilize within the S1-R1 range, with an upward bias due to the strong levels of Asia JKM prices.

Share this news :

You might also read :

November 27, 2023

Hesitation

Hesitation Macro & Oil #78 In the latest EnergyScan podcast on Macro & Oil, Olivier Gasnier explains that the markets are optimistic about a possible US…
ES-oil
February 14, 2022

Prices rise on fears of war in Ukraine

Just as oil prices looked set for their first weekly decline after seven consecutive rises, they rose sharply on Friday evening after a US official said…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet? 

[booked-calendar]