European prices dropped sharply

European gas prices dropped sharply yesterday, pressured by the sharp rise in temperatures above normal and expectations of stronger LNG supply to Europe in the coming days.

The sharp drop in coal and EUA prices (which reduced parity prices with coal for power generation) provided additional downward pressure, particularly for curve prices.

On the pipeline supply side, Norwegian flows were stable yesterday, averaging 338 mm cm/day. The same for Russian flows, at 303 mm cm/day on average.

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