Higher LNG supply pressured European prices down

European gas prices dropped last week, pressured by the continued easing of the Asian market (which implies LNG supply to Europe will remain strong).

Prices received moderate support from the drop in Norwegian supply following the unplanned outage at the Troll field.

TTF ICE February 2022 prices were down by €1.20 week-on-week (-1.37%), closing at €86.970/MWh on Friday. On the far curve, TTF Cal 2023 prices were down by €3.67 (-7.7%), closing at €44.069/MWh on Friday.

Source: EnergyScan