EnergyScan

Prices weakened after an initial rally

European gas prices weakened overall yesterday at the close. They increased during most of the session, supported by new worries on Russian supply, before falling at the end, probably because of profit taking. 

On the pipeline supply side, Russian supply dropped yesterday, averaging 288 mm cm/day (compared to 313 mm cm/day on Tuesday), as both flows through Poland and Ukraine were down. Norwegian flows were also lower, averaging 314 mm cm/day (compared to 322 mm cm/day on Tuesday). 

At the close, NBP ICE October 2021 prices increased very slightly by 0.040 p/th day-on-day (+0.03%), to 127.750 p/th. TTF ICE October 2021 prices were down by 11 euro cents (-0.21%) at the close, to €50.232/MWh. On the far curve, TTF Cal 2022 prices were down by 16 euro cents (-0.48%), closing at €33.354/MWh, slightly above the coal parity price (€33.289/MWh).

Profit taking by financial participants could continue to exert downward pressure on European gas prices today. However, ongoing tight fundamentals and technical supports (€49.657/MWh on TTF October 2021 and €33.243/MWh on TTF Cal 2022) could contribute to limit losses.

EnergyScan - Gas market news
Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

ES-gas
May 4, 2022

Prices up on higher coal prices

European gas prices were up overall yesterday, mainly supported by the strong rise in coal prices (+8.94% for API2 1st nearby prices; +5.45% for Cal 2023…
ES-oil
May 14, 2021

Crude crash

Crude oil prices scaled back to 66.9 $/b, amid the resolution of the US colonial pipeline issue on Thursday and selling pressure coming from CTA…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

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

[booked-calendar]