Prices slightly up as Norwegian flows dropped further

European gas prices increased slightly yesterday, supported by the additional drop in Norwegian supply (to 264 mm cm/day, compared to 310 mm cm/day on Monday, following another unplanned outage, at the Kollsnes gas processing plant this time). Asia JKM prices were also slightly up (+1.58% on the spot, to €67.384/MWh).

At the close, NBP ICE February 2022 prices increased by 3.170 p/th day-on-day (+1.72%), to 187.520 p/th. TTF ICE February 2022 prices were up by €1.32 (+1.72%), closing at €78.334/MWh. On the far curve, TTF ICE Cal 2023 prices were up by 17 euro cents (+0.40%), closing at €43.340/MWh.

EnergyScan gas news

TTF ICE February 2022 prices failed to close above the 20-day Low yesterday, instead taking support on the 5-day Low. It looks like the “normalization” process (ie the 5-day range moving inside the 20-day range) will happen on the downside. Moreover, the rebound in Norwegian supply (to 320 mm cm/day this morning) could exert downward pressure. Therefore, prices could trade today in the range between the 5-day Low and the 5-day average.

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