Prices weakened as the bullish impact of the demand for payment in rubles faded
European gas prices weakened on Friday as the bullish impact of Moscow’s decision to demand payment for its gas in rubles faded. On the pipeline…
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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