Prices resumed their uptrend

European gas prices increased significantly yesterday, both on the spot and the curve, still supported by freezing temperatures in Europe and in Asia. An all-time record was posted on the Spanish PVB spot market, €52/MWh, a price not far from Asia spot JKM prices (€57.583/MWh yesterday, +4.14% day-on-day). Despite such huge Asian gas prices, gas-fired generation is still profitable in Japan for instance as spot baseload power prices on the Japan Electric Power Exchange are currently trading as high as €720/MWh. On the supply side, Russian flows were stable at 332 mm cm/day on average yesterday, while Norwegian flows eased to 325 mm cm/day due to process problems at the Troll field.

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ES-gas
July 23, 2021

Mixed European prices

European gas prices were mixed yesterday. Spot prices were slightly down, pressured by lower demand. By contrast, curve prices were rather up, more sensitive to…
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