European prices fell slightly

European gas prices weakened overall yesterday, as the easing of the tension on Asian markets exerted downward pressure. Indeed, JKM spot prices weakened again yesterday, to €41.570/MWh, -10.70% day-on-day. On the Japan Electric Power Exchange, spot power prices for delivery today eased to €500/MWh, down from €618/MWh for delivery on Wednesday.

On the pipeline supply side, Russian flows were almost stable yesterday, at 318 mm cm/day on average, compared to 317 mm cm/day on Tuesday, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows were slightly down, averaging 339 mm cm/day, compared to 342 mm cm/day on Tuesday.

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