Infographic: Low gas storage, Russian constraints drive TTF rally amid record CO₂ prices - Q3 2021

European gas, power and carbon markets are starting Q3 at multi-year highs after a cold winter saw significant gas storage drawdowns amid record CO₂ prices. A reluctance on the part of Russia to send additional gas volumes via Ukraine and strong competition for LNG from Asia has further boosted prices.

Power fundamentals are less bullish with improved French nuclear availability and continued wind and solar capacity gains more than offsetting the forecast for a small increase in demand. Heatwaves and a lack of wind power generation remain risks to the upside that could see power prices spike.

Related feature: All eyes on Europe's tight gas market going into Q3

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