European gas prices were mixed yesterday, torn between the impacts of ongoing tight balances on the one hand and profit taking by financial participants on the other hand.
The very slight increase in Asia JKM prices and parity prices with coal for power generation (the rise in EUA prices offset the drop in coal prices) provided moderate support, particularly for curve prices.
On the pipeline supply side, Russian flows were slightly up yesterday, at 330 mm cm/day on average, compared to 328 mm cm/day on Monday. Norwegian flows were stable, averaging 304 mm cm/day (still significantly below the maximum of 348 mm cm/day of early April).
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