Colder weather pushed European prices up

European gas prices increased on Friday, supported mainly by the strong drop in temperatures. The rise in EUA and coal prices (which increased parity prices with coal for power generation) provided additional bullish pressure. Prices even ignored the additional drop in JKM spot prices (which fell to €21.815/MWh on Friday, -5.59% day-on-day).

On the pipeline supply side, Russian flows were almost stable on Friday, at 304 mm cm/day on average, compared to 303 mm cm/day on Thursday. Norwegian flows were slightly up, averaging 344 mm cm/day, compared to 341 mm cm/day on Thursday.

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