Asian power and gas prices continue their rally

Prices increased again yesterday in most European gas markets, still supported by strong demand due to freezing temperatures and relatively weak supply. In Asia, JKM spot prices rose to €79.255/MWh yesterday, +32.17% day-on-day, strongly helped by exceptional spot baseload power prices: €1220/MWh yesterday on the Japan Electric Power Exchange (compared to €1184/MWh on Friday). As a consequence, Asia continues to attract LNG cargoes originally destined to Europe.

On the pipeline supply side in Europe, Russian flows dropped slightly yesterday, at 321 mm cm/day on average, compared to 323 mm cm/day on Friday. Norwegian flows were stable at 334 mm cm/day on average. Algerian flows were up, which exerted a downward pressure on Spain PVB spot prices.

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