Gas & power price recovery continues

After plunging through Henry Hub levels in Q2, European hub prices have been on a recovery path since early May. Front month prices remain weak but are now trading again at similar levels to Henry Hub.  But the TTF forward curve has risen around 15% since early May.  A very steep curve contango remains with forward prices increasing 250% over the next 6 months. That is also flagging a surge in power prices across Europe into the winter, given gas-fired power plants dominate price setting across European power markets.