European gas prices extended gains on Friday, as market participants continued to focus on the strong rise in heating demand due to the unexpected drop in temperatures. On the pipeline supply side, Norwegian flows increased on Friday, at 337 mm cm/day on average, compared to 329 mm cm/day on Thursday. Russian flows were also higher, averaging 314 mm cm/day, compared to 311 mm cm/day on Thursday.
The rise in Asia JKM prices and parity prices with coal for power generation (particularly because of the sharp rise in EUA prices) provided additional upward pressure, particularly for curve prices.
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