Prices down on the spot and the near curve, up on the far curve

European spot and near curve gas prices dropped yesterday, pressured by warmer weather and comfortable LNG and pipeline supply. Russian flows rebounded slightly yesterday, averaging 245 mm cm/day, compared to 241 mm cm/day on Friday. Norwegian flows were stable at 324 mm cm/day on average. By contrast, far curve prices were up again, supported by resilient coal prices and the feeling that the crisis will be long-lasting, which justifies the reduction of the backwardation.

At the close, NBP ICE May 2022 prices dropped by 15.530 p/th day-on-day (-6.80%), to 213.010 p/th. TTF ICE May 2022 prices were down by €3.75 (-3.61%), closing at €100.137/MWh. On the far curve, TTF ICE Cal 2023 prices were up by €1.46 (+1.91%), closing at €77.814/MWh.

In Asia, JKM spot prices dropped by 4.50%, to €94.760/MWh; May 2022 prices dropped by 1.80%, to €103.528/MWh.

The maximum coal switching level was stable yesterday around €93/MWh. Therefore, TTF ICE May 2022 prices because were able to continue their decline quietly, below the 20-day average. But, as said yesterday, the downside potential seems limited (the 5-day Low target seems out of reach) as long as coal prices and Asia JKM prices remain resilient, with an upside risk in case fundamentals tighten.

Share this news :

You might also read :

ES-gas
June 16, 2021

Prices down on the spot and the curve

European spot gas prices continued their up and down movements yesterday, dropping after the rise of the previous session. On the pipeline supply side, Norwegian…
ES-gas
November 10, 2021

Prices down on higher Russian supply

European gas prices dropped yesterday as the long-awaited rise in Russian flows seems to materialize. Indeed, Gazprom said yesterday it had started to implement a…
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]