The US State Department decision to impose sanctions on a Russia-linked company and its work ship involved in finishing the Nord Stream 2 gas pipeline contributed to maintain the links between European and Asian prices.
Both prices seem to have found an equilibrium, posting moderate gains over the week.
They dropped significantly on Friday as the discovery of a new variant of the Covid-19 caused widespread panic in energy markets.
But, compared to oil and coal, their decline was relatively moderate.
TTF ICE December 2021 prices closed at €87.772/MWh on Friday, up by 65 euro cents week-on-week. On the far curve, TTF ICE Cal 2022 prices closed at €53.553/MWh on Friday, up by 90 euro cents week-on-week.
European prices rebounded this Monday morning as the impact of the discovery of the new variant of the Covid-19 started to fade.
Last minute buying (as the TTF December 2021 contract will expire today) can also explain this rebound.
But, with moderation in Asia JKM prices and the nearing of the technically overbought territory, the upside potential seems limited.