Prices weakened again, slightly

European gas prices weakened again yesterday. Amid domestic fundamentals largely unchanged, the moderation in Asia JKM prices (-4.89%, to €103.426/MWh, on the spot; -0.36%, to €103.179/MWh, for the January 2022 contract) continued to exert downward pressure. On the spot pipeline supply side, Norwegian flows were almost stable yesterday, at 343 mm cm/day on average, compared to 344 mm cm/day on Friday. The same for Russian supply, which averaged 288 mm cm/day, compared to 289 mm cm/day on Friday.

At the close, NBP ICE December 2021 prices dropped by 8.340 p/th day-on-day (-3.80%), to 211.170 p/th. TTF ICE December 2021 prices were down by €3.11  (-3.57%) at the close, to €84.017/MWh. On the far curve, TTF Cal 2022 prices were down by €1.11 (-2.10%), closing at €51.552/MWh, with the spread against the coal parity price (€36.889/MWh, +2.13%) narrowing.

EnergyScan Gas news

TTF ICE December 2021 prices wisely stayed yesterday inside their “normal” trading range, with the 5-day Low lending them support. The outlook remains the same as yesterday: the 5-day Low support should hold again today, although a temporary drop towards the 20-day average cannot be excluded (by contrast, a drop to the 20-day Low seems difficult to achieve for the time being given the levels of Asia JKM prices).

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

You might also read :

November 25, 2021

EUAs sky-rocketed on German carbon floor plan

Besides in France where the colder temperatures and weakening nuclear availability lifted the prices further up, the European power spot prices retreated yesterday, pressured by…
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!