Prices rebounded

European gas prices rebounded yesterday, supported by new weather forecasts pointing to colder temperatures and ongoing weak LNG and pipeline supply. Russian flows were almost stable yesterday, at 317 mm cm/day on average, compared to 318 mm cm/day on Monday, but still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows were stable, averaging 342 mm cm/day, compared to 330 mm cm/day on Monday.

In Asia, JKM spot prices weakened yesterday to €46.551/MWh, -12.80% day-on-day. On the Japan Electric Power Exchange, spot power prices for delivery today eased to €618/MWh, down from €775/MWh for delivery on Tuesday.