Curve prices extended gains over Suez Canal blockage

European spot gas prices were mixed again yesterday as fundamentals gave no clear trend. On the supply side, Norwegian flows were almost stable yesterday, to 331 mm cm/day on average, compared to 332 mm cm/day on Tuesday. The same for Russian flows, which averaged 328 mm cm/day, compared to 329 mm cm/day on Tuesday. As for LNG sendouts, they remained strong.

By contrast, prices on the curve were once again more clearly up, still supported by bullish LNG prices following the Suez Canal blockage. However, the price rise was moderate as there are still hopes to dislodge the 400 m long container vessel quickly.