European gas prices mixed yesterday

With unchanged fundamentals (temperatures are expected to drop gradually, falling briefly below normal during the weekend), European spot gas prices were mixed yesterday. The trend was more clearly bearish for curve prices, which ignored the rise in parity prices with coal for power generation (following higher EUA and coal prices).

On the pipeline supply side, Norwegian flows were stable yesterday, averaging 325 mm cm/day. After the strong cold snap in the country finally abated, Russian flows continued to normalize, rising to 315 mm cm/day on average, compared to 310 mm cm/day on Friday, now closer to the 319 mm cm/day on average of January 2021.

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