• Gas markets near the 300p/Therm mark as gas flows are reversed via the Yamal pipeline
• Norwegian flows likely to fall as maintenance at the Aasta Hansteen gas plant is scheduled from tomorrow
• Brent prices slip below $100/Bbl for the first time in nearly 3 weeks

Gas prices across the near curve and front seasonal markets rose today as gas flows via the Yamal- Europe pipeline headed eastwards from Germany towards Poland. Prices for April and May 22 contracts are close to the 300p/Therm mark along with Summer-22 prices. The Yamal-Europe pipeline accounts for around 15% of the continent’s gas.

Supporting the upside is the continuation of lower wind generation as it only adds 7GW to the stack keeping gas demand for power strong. Norwegian flows are currently stable but likely to drop tomorrow as maintenance starts at the Aasta Hansteen gas plant until Saturday which will add further bullishness into markets.

Carbon markets remained relatively rangebound despite the increases in gas markets. Oil prices dipped below the $100/Bbl mark, its lowest for nearly 3 weeks as fears of supply disruptions eased and the ongoing rise in COVID-19 cases in China.