European gas prices rebounded yesterday, supported by lower pipeline supply and forecasts of lower temperatures. Indeed, due to a series of unplanned outages, Norwegian flows dropped again yesterday, averaging 302 mm cm/day, compared to 318 mm cm/day on Monday. Russian flows were stable, at 262 mm cm/day on average, but 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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