European prices down

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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