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 :

You might also read :

October 25, 2021

Mixed price evolution

European gas prices were mixed on Friday. Spot prices were slightly up, supported by below-normal temperatures. By contrast, curve prices were slightly down as the…
November 5, 2021

EUAs failed again to close above 60€/t

The European power spot prices were mixed for today, down in Germany and the Netherlands amid forecasts of stronger wind and solar generation, but up…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?