European natural gas prices rose on Tuesday amid renewed maintenance at some of the Norway’s other production sites, as well as an overnight dip in wind generation.
TTF shot up 7.7% to USD 8.9/MMBtu, while NBP saw an 8.1% jump to USD 8.7/MMBtu.
JKM remained unchanged, maintaining the USD 11.87/MMBtu premium price level.
More production facilities are to undergo maintenance in the near term, with fields delivering into Shell Esso Gas and Associated Liquids (SEGAL) system scheduled to start maintenance next week for a few days. But a few days can turn into a few weeks, as the market witnessed with Nyhamna which extended maintenance by a month.
WindEurope reported that wind accounted for 9.4% of total power generation in Europe on Tuesday, down from 16.7% the night prior.
Meanwhile, the US market followed suit and Henry Hub saw a 4.7% surge to USD 2.63/MMBtu. As expected, the power demand in Texas broke another record on Tuesday. According to the electricity grid operator ERCOT, usage hit a preliminary 82,592 MW at 6 pm Central Time (11 pm GMT), which topped the grid's previous all-time high of 81,911 MW set on 17 July.
That is the fifth record high this summer.
Oil also rebounded on Tuesday. Brent rose 1.4% to USD 79.63/barrel and WTI was up 2.2% to USD 75.75/barrel. According to Reuters, this happened after China said it will act to support economic growth and on expectations the US Federal Reserve will stop raising interest rates soon and a forecast decline in US output.
Front-month futures and indexes at last close with day-on-day changes (click to enlarge): 
Time references based on London GMT. Brent, WTI, NBP, TTF and EU CO2 data from ICE. Henry Hub, JKM and API2 data from CME. Prices in USD/MMBtu based on exchange rates at last market close. All monetary values rounded to nearest whole cent/penny. Text and graphic copyright © Gas Strategies, all rights.
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