European gas prices extended gains

European gas prices increased significantly yesterday, still supported 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, particularly for far curve prices. Prices continued to ignore the easing in Asia JKM spot prices (which fell to €21.805/MWh yesterday, -0.04% day-on-day).

On the pipeline supply side, Russian flows were down yesterday, at 301 mm cm/day on average, compared to 304 mm cm/day on Friday. Norwegian flows were stable, averaging 344 mm cm/day.

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