Commodity Market Report

Europe gas and power markets short-term outlook Q2 2021

Get this report

$2,000

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQs about online orders
- Find out more about subscriptions

21 May 2021

Europe gas and power markets short-term outlook Q2 2021

Report summary

Europe’s gas price rally continues with summer 2021 prices holding close to US$9/mmbtu. Strength in coal and carbon prices provide much of the support as well as the rare net storage withdrawals through the April cold-spell. With summer-winter spreads hovering below €1/MWh, storage inventory levels will reach only 80% by the end of October 2021. Such a low level of storage increases the risk of price spikes during winter but recent news on US sanctions against Nord Stream 2 AG being waived has helped to contain winter prices. Nord Stream 2's start-up and ramp-up will impact the price outlook from winter 2021/22 onwards. We forecast a January 2022 start-up but risks remain. Combined with higher LNG availability to Europe in 2022, prices at TTF will cool back towards US$6.0/mmbtu during summer 2022.

Table of contents

  • Coal, carbon and low inventory levels support continued gas price strength
  • The main report is in a slidepack format with an enhanced data pack download covering the full European gas balance

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Europe Gas And Power Markets Short Term Outlook Q2 2021.pdf

    PDF 1.81 MB

  • Document

    Europe Gas And Power Markets Short Term Q22021.xlsx

    XLSX 3.30 MB