European Gas Prices Rebound as Norwegian Flows Recover

European spot gas prices increased on Friday, showing a slight rebound after recent declines. The market reacted to disruptions in Norwegian gas flows via the Langeled system, which dropped sharply on Friday. However, supplies have started to recover this morning, easing immediate concerns over shortages.

Despite this, European gas storage levels remain significantly lower than last year. Currently, inventories stand at just 35%, a stark contrast to the 59.5% recorded in 2024. This lower storage capacity continues to put upward pressure on prices and raises concerns about supply security heading into the year’s second quarter.

Meanwhile, Power Purchase Agreement (PPA) pricing continues to lag behind key benchmarks, including the UK’s National Balancing Point (NBP), the Dutch Title Transfer Facility (TTF), and Green Gas Markets. Renewable energy output is playing a role in balancing supply, with wind generation currently meeting 10% of Europe’s energy demand this morning.

In the carbon market, prices remain mixed. The December 2025 contract is testing the upper end of its recent range, fluctuating around €70-72 per ton. Traders are closely watching geopolitical developments, as these factors could heavily influence energy prices in the coming days. Notably, former U.S. President Donald Trump is set to hold talks with Russian President Vladimir Putin on Tuesday, aiming to advance Ukraine ceasefire discussions. Any breakthrough or escalation could send shockwaves through global energy markets.

Stay updated with New Stream’s insights on current and forward market pricing.

NSR PPA and Green Gas Markets Update

Gas Prices Decline Ahead of Trump-Putin Talks

European gas markets are trending lower this afternoon as traders react to upcoming ceasefire discussions between Donald Trump and Vladimir Putin. NBP and TTF benchmarks have dropped by approximately 3%, reflecting speculation that Russian gas flows via Ukraine could resume if negotiations lead to a breakthrough.

PPA pricing follows lower gas prices, mirroring the downward movement in benchmark prices.

Meanwhile, weather forecasts are adding further bearish pressure. The current cold snap is expected to ease by the end of the week, reducing short-term demand and weighing on prices.

Please stay tuned for more updates on PPA and Green Gas Markets as geopolitical and weather developments shape energy pricing.