European prices rebounded

Prices rebounded yesterday in most European gas markets, supported by higher heating demand due to below-normal temperatures and lower pipeline supply. Indeed, due to maintenance works, Norwegian flows dropped again yesterday, to 310 mm cm/day on average, compared to 325 mm cm/day on Tuesday. Russian flows were almost stable, averaging 325 mm cm/day, compared to 326 mm cm/day on Tuesday. The rise in parity prices with coal for power generation (both EUA and coal prices were strongly up) provided additional upward pressure, particularly for curve prices.