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European gas prices dropped again yesterday, pressured by more comfortable spot fundamentals and the strong fall in Asia JKM prices (-36.79%, to €104.713/MWh, on the spot; -7.07%, to €106.913/MWh, for the December 2021 contract).
At the close, NBP ICE November 2021 prices dropped by 27.940 p/th day-on-day (-10.22%), to 245.510 p/th. TTF ICE November 2021 prices were down by €11.61 (-10.73%) at the close, to €96.584/MWh. On the far curve, TTF Cal 2022 prices were down by €5.39 (-9.17%), closing at €53.365/MWh, which reduced slightly the spread against the coal parity price (€37.714/MWh, -0.85%).
After tempting to drop below the 5-day Low yesterday, TTF ICE November 2021 prices managed to close slightly above. They profit from this support to rebound this morning. Unless the fundamental situation deteriorates further, the 5-day High should however set a strong resistance.
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