Oil stable as news moves the market up and down
Oil benchmarks were mixed yesterday, they started moving up, the Brent reached $106.35/b, then the market made a U-turn and Brent touched $103.27/b to end…
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After a very volatile session (see our news), European gas prices closed lower yesterday, in line with the sharp drop in coal parity prices. Asia JKM prices on their side closed in a mixed way: +42.35%, to €165.665/MWh, on the spot; -8.76%, to €115.111/MWh, for the December 2021 contract. Norwegian flows were almost stable, averaging 335 mm cm/day, compared to 334 mm cm/day on Tuesday.
At the close, NBP ICE November 2021 prices dropped by 20.460 p/th day-on-day (-6.96%), to 273.450 p/th. TTF ICE November 2021 prices were down by €7.83 (-6.75%) at the close, to €108.191/MWh. On the far curve, TTF Cal 2022 prices were down by €7.03 (-10.69%), closing at €58.751/MWh, but widening again the spread against the coal parity price (€38.038/MWh, -17.04%).
TTF ICE November 2021 prices are down again this morning, even falling below the 5-day Low, a situation which could lead some financial participants to initiate buying positions. However, as prices are still in overbought territory according to more traditional technical standards, a drop below the 20-day High cannot be excluded.