European gas prices extended gains

European gas prices increased again yesterday, supported by forecasts of lower temperatures from tomorrow with levels expected to drop significantly below normal next week. While European storage sites flipped to net injection mode on 26 March, this could force them to return to a withdrawal mode. With European stocks only 30% full on 30 March (compared to 54% last year), this situation is raising concerns.

The rise in parity prices with coal for power generation (thanks to higher EUA prices) provided additional upward pressure.

On the pipeline supply side, Norwegian flows were slightly lower yesterday, averaging 337 mm cm/day, compared to 342 mm cm/day on Tuesday. Russian flows were slightly up, at 329 mm cm/day on average, compared to 328 mm cm/day on Tuesday.

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