European prices maintained their uptrend

European gas prices were up yesterday, maintaining their uptrend amid ongoing tight fundamentals. While Russian supply remained desperately stable (at 332 mm cm/day on average), Norwegian flows dropped significantly yesterday, averaging 253 mm cm/day, compared to 278 mm cm/day on Tuesday, due to a power failure that led to a partial interruption of daily processing capacity at the Kollsnes gas facility.

The slight rise in parity prices with coal for power generation (the increase in EUA prices offset the drop in coal prices) also provided some support.

spot gas prices vs coal switching levels
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