European prices extended gains

  • Gas

European gas prices increased again yesterday, supported by weak pipeline supply and lower temperatures. Norwegian flows increased slightly yesterday, averaging 304 mm cm/day, compared to 302 mm cm/day on Tuesday, but still below the 324 mm cm/day of last Friday. Russian flows weakened to 262 mm cm/day on average, still significantly below the 319 mm cm/day on average of January 2021.

The rise in parity prices with coal for power generation (due to higher EUA and coal prices) provided additional upward pressure.

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