Weaker Norwegian supply continued to lend support to prices

European gas prices continued to rebound on Friday, still supported by weaker Norwegian flows following the unplanned outage at the Troll gas field (although they increased slightly to 330 mm cm/day, compared to 328 mm cm/day on Thursday). On their side, Russian flows were stable at 183 mm cm/day on average. The rise in Asia JKM prices (+21.97% on the spot, to €83.843/MWh; +13.66% for the March 2022 contract, to €78.399/MWh) helped accompany the bullish momentum.

At the close, NBP ICE February 2022 prices increased by 3.160 p/th day-on-day (+1.54%), to 208.130 p/th. TTF ICE February 2022 prices were up by €1.51 (+1.77%), closing at €86.970/MWh. On the far curve, TTF ICE Cal 2023 prices were up by 42 euro cents (+0.96%), closing at €44.069/MWh.

The 5-day High played well its role of resistance for TTF ICE February 2022 prices on Friday and they finally closed below this level and slightly above the 20-day Low. Torn between the lower levels of Asia JKM prices and the bullish impact of weaker Norwegian flows, TTF prices could trade today in the zone between the 5-day average and the 5-day High.