Sharp drop in European prices

European gas prices dropped significantly yesterday, both on the spot and the curve. With spot fundamentals almost unchanged, the bearish movement seems to have been triggered by the sharp decline in EUA prices, which pulled parity prices with coal for power generation significantly down, a signal that led to a selloff by some financial participants willing to take their profits, particularly as curve prices were technically overbought.

On the pipeline supply side, Norwegian flows were very slightly up yesterday, averaging 286 mm cm/day, compared to 285 mm cm/day on Monday, still significantly below the 315 mm cm/day of early May. As for Russian flows, they were stable, at 331 mm cm/day on average.

ttf-cal-2022
Share this news :

You might also read :

ES-oil
February 23, 2021

US RBOB prices lift the global oil complex

Brent prompt future contract rallied to 66.2 $/b, as product buyers aggressively bid gasoline resources in the US to secure to supply in those highly uncertain conditions, lifting…
ES-oil
January 7, 2021

Margin squeeze

Brent prompt futures continued to rally to 54.7 $/b on early Thursday as Saudi Arabia guaranteed that their voluntary supply cut would last two months…
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? 

[booked-calendar]