European gas prices mixed yesterday

European gas prices were mixed yesterday, torn between the impacts of mild weather and lower Asian prices on the one hand and higher coal prices on the other hand. In Asia, system baseload spot power prices on the Japan Electric Power Exchange for delivery today were almost stable, at €76/MWh, compared to €77/MWh for delivery on Wednesday, far below the record levels of the previous weeks. JKM spot prices weakened to €28.032/MWh yesterday, -3.95% day-on-day.

On the pipeline supply side, Russian flows remained stable yesterday, at 317 mm cm/day on average, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows continued to rebound, averaging 340 mm cm/day, compared to 334 mm cm/day on Tuesday.

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