EnergyScan

Prices up again, supported by an unplanned outage in Norway

European gas prices increased again yesterday, receiving additional support from lower Norwegian supply (down to 331 mm cm/day on average yesterday, compared to 349 mm cm/day on Tuesday, due to an unplanned outage at the Oseberg field), while Russian flows remained weak (slightly up to 185 mm cm/day on average, compared to 183 mm cm/day on Tuesday). The rise in Asia JKM prices (+8.39% on the spot, to €96.679/MWh; +4.15% for the February 2022 contract, to €103.122/MWh) helped accompany the bullish momentum.

Note that Indonesian authorities postponed the meeting scheduled yesterday with coal mining companies to discuss on the coal exports ban; no new time had been agreed.

At the close, NBP ICE February 2022 prices increased by 6.880 p/th day-on-day (+3.18%), to 223.450 p/th. TTF ICE February 2022 prices were up by €2.78 (+3.13%), closing at €91.522/MWh. On the far curve, TTF ICE Cal 2023 prices were up by €1.46 (+3.04%), closing at €49.455/MWh.

energyscan gas news

As expected, TTF ICE February 2022 prices traded during most of yesterday’s session in the zone around the 5-day High and the 20-day Low, before closing slightly below the first. They are increasing again this morning, around the 20-day Low. The “normalization” process (ie the gradual increase of prices inside the 20-day range) is therefore ongoing. This process is supported by the level of Asia JKM prices and the ban (still ongoing) on Indonesia coal exports.

Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

ES-economy
December 16, 2021

Managing expectations

The latest Fed meeting did not surprise market consensus and implied market rates. Indeed, on many aspects, bond yields and interest rate futures were in…
ES-economy
November 29, 2021

Omicron storms the markets

A wave of panic swept through the financial markets on Friday in a context of low liquidity. The announcement of the emergence of a new variant,…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?  Sign up here!

[booked-calendar]