TTF prices hit new 2021 highs

European gas prices continued to rally on Thursday, supported by strong demand and prospects of a limited rise in Russian gas imports this year. Strong oil, EUA, coal and JKM prices were also supportive. 

Gazprom indicated at its investor’s day yesterday (slides herethat it was targeting exports to Europe in the 175-183 Bcm range in 2021 in its annual budget. 2020 exports to Europe reached 175 Bcm, which could lead to a maximum 4.5% yoy increase in this scenario. Russian gas exports to Europe are so far flat year on year in 2021 looking at flows coming at key entry points in Western Europe (see European gas balance here). 

On the demand side, prospects of the continuation of below-average temperatures could keep consumption at a high level: NW Europe gas (UK, FR, NL, DE, BE) demand jumped by 48% yoy and by 21% compared to 2019 levels so far in April.

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

You might also read :

January 20, 2021

Prices rebounded

European gas prices rebounded yesterday, supported by new weather forecasts pointing to colder temperatures and ongoing weak LNG and pipeline supply. Russian flows were almost…
April 8, 2022

Bears keep control of crude prices

Brent first nearby prices are hovering above the $100/b mark this morning after touching an intraday low at $98.41b yesterday. They remain pressured 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!