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.

Share this news :

You might also read :

February 23, 2022

First sanctions against Russia

The US, EU, UK and some of their allies have announced retaliatory measures against Russian interests after Vladimir Putin recognised the independence of the two breakaway republics…
February 10, 2022

Profit taking drove EUAs back down to 90€/t

Except in France where prices edged down on expectations of milder temperatures, the power spot prices posted slight gains in north western Europe yesterday, buoyed…
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?