EnergyScan

Slight price rebound

European gas prices rebounded slightly yesterday, torn between conflicting fundamentals (in particular weak stock levels, but hopes for an increase in Russian flows). Asia JKM prices (-3.29%, to €100.547/MWh, on the spot; +3.77%, to €98.425/MWh, for the December 2021 contract) and parity prices with coal for power generation (up thanks to the strong rise in coal prices) lent small support.

On the pipeline supply side, Russian supply was stable yesterday, averaging 265 mm cm/day. Norwegian flows were slightly down, to 341 mm cm/day on average, compared to 343 mm cm/day on Monday.

At the close, NBP ICE November 2021 prices increased by 0.540 p/th day-on-day (+0.25%), to 217.120 p/th. TTF ICE November 2021 prices were up by 48 euro cents (+0.57%) at the close, to €85.698/MWh. On the far curve, TTF Cal 2022 prices were up by 111 euro cents (+2.23%), closing at €50.993/MWh, with the spread against the coal parity price (€39.526/MWh, +3.19%) remaining almost stable.

Energyscan gas news

 

TTF ICE November 2021 prices traded yesterday above the 20-day average, which confirms the market is still hesitant to break the uptrend. They are up this morning (coal prices increased again today in Asia, offering support), reaching the level of the 20-day High. This latter should set a resistance. But it is not excluded prices break this resistance and jump to the 5-day High. Indeed, such a rise will not automatically invalidate the wait-and-see scenario (ie prices could find a resistance around the 5-day High and drop afterwards).

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

You might also read :

ES-economy
February 24, 2022

Putin launches offensive against Ukraine

Early this morning, the Russian President announced the launch of a military operation to assist the separatist republics of the Donbas and overthrow the Ukrainian regime.…
ES-power
June 20, 2022

Overall retreat of the energy complex

The European power spot prices for today reached a level close to Friday’s as the retracing gas prices, weaker demand and higher wind output expected…
ES-economy
June 17, 2022

On second thought…

The markets, which had welcomed the Fed’s 75bp rate hike, finally revised their judgement significantly afterwards. Concerns about growth took over, leading to a sharp drop in…
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]