European curve prices continued to increase

European spot gas prices were mixed yesterday, torn between the bullish impact of strong heating demand due to below-normal temperatures and the bearish impact of lower gas demand in the power generation sector (due to the sharp rise in wind generation) and higher pipeline supply. Indeed, Norwegian flows rebounded to 309 mm cm/day yesterday (compared to 260 mm cm/day on Friday) as the technical outage at the giant Troll field has been resolved. Russian flows were stable, at 327 mm cm/day on average.

Prices on the curve were more clearly bullish as the rise in Asia JKM prices and parity prices with coal for power generation (both EUA and coal prices were up) have lent them support.

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Prices dropped significantly yesterday in most European gas markets, pressured by higher supply and technical selling. Indeed, Russian supply rebounded to 310 mm cm/day on…
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