TTF at €40/MWh

European gas prices hit new record highs on Wednesday with the TTF August 21 contract trading just below the €40/MWh mark while NBP August 21 prices breached the 100 p/th mark for the first time since 2008. On the far curve, TTF year-ahead prices hit a new eight-year high at €27/MWh. In Asia, JKM prices also breached the $15/MMBTU mark, tracking gains at the TTF on the back of steady summer demand. 

Low storage inventories and tight LNG supply to Europe (see below graph) due to fierce competition with Asian buyers should continue to fuel the bullish sentiment amid limited Russian gas transit through Ukraine. TTF front-month prices traded above the €40/MWh mark at the opening today. But with no specific news behind this new rally, risks of a downward correction are growing as most contracts at the TTF are approaching technical resistance levels and gas-to-power demand significantly dropped in July (-15% yoy in Western Europe so far).

Europe daily LNG imports
Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

March 1, 2021

Bond markets calm down

Bond yields have declined significantly on Friday, erasing almost completely Thursday’s rise. This does not mean tensions are over: in the US, the House of…
December 21, 2021

Libyan force majeure

Crude prices continued to be under pressure during yesterday’s intraday session but remained above 71 $/b at the prompt. Lybian exports were curtailed by the…
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?  Sign up here!