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European gas prices weakened on Friday, more sensitive to warmer weather than to relatively weak pipeline supply. Indeed, while Norwegian flows continued to recover, averaging 324 mm cm/day, compared to 321 mm cm/day on Thursday, they were still well below the 338 mm cm/day reached at the beginning of the week. Russian flows on their side were down again, at 286 mm cm/day on average, compared to 288 mm cm/day on Thursday, significantly below the 371 mm cm/day on average of December 2020. Signs of recovery in US LNG exports and lower EUA prices (which reduced parity prices with coal for power generation) provided additional downward pressure.
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