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European gas prices were up overall yesterday, supported by lower pipeline supply and resilient coal prices. Indeed, Russian supply dropped again yesterday, averaging 217 mm cm/day, compared to 225 mm cm/day on Tuesday. Norwegian flows dropped to 325 mm cm/day on average, compared to 334 mm cm/day on Tuesday, due to an unplanned outage at the Aasta Hansteen field.
At the close, NBP ICE May 2022 prices increased by 1.940 p/th day-on-day (+0.92%), to 213.090 p/th. TTF ICE May 2022 prices were up by €3.11 (+3.04%), closing at €105.324/MWh. On the far curve, TTF ICE Cal 2023 prices were up by €3.19 (+3.98%), closing at €83.452/MWh.
In Asia, JKM spot prices dropped by 2.17%, to €91.891/MWh; May 2022 prices dropped by 0.66%, to €103.211/MWh.
The maximum coal switching level was stable yesterday, around €98/MWh. Once again, this contributed to limit the downside potential for TTF ICE May 2022 prices. They rose above the 5-day average (currently at €102.66/MWh) but remained below the 20-day average (€107.03/MWh). As we said in our Gas & Coal Weekly Report published this morning, whether or not API2 1st nearby prices will break the resistance of the 1-Year High (they are nearing), this will give a first indication!
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