European gas prices rebounded

European gas prices increased yesterday, more sensitive to falling temperatures (which are now expected to briefly drop below normal during the weekend) to the rise in pipeline supply and the additional drop in Asia JKM prices.

Indeed, Norwegian flows were up again yesterday, averaging 325 mm cm/day, compared to 318 mm cm/day on Friday. After the strong cold snap in the country finally abated, Russian flows continued to normalize, rising to 310 mm cm/day on average, compared to 302 mm cm/day on Friday, now closer to the 319 mm cm/day on average of January 2021.