European prices rebounded

European gas prices rebounded yesterday, supported by forecasts of colder weather in some countries and tight pipeline supply. The strong rise in parity prices with coal for power generation (both EUA and coal prices were up) provided additional upward pressure, particularly for curve prices.

On the pipeline supply side, Norwegian flows were down yesterday, to 306 mm cm/day on average, compared to 315 mm cm/day on Friday. Russian flows were slightly up, averaging 326 mm cm/day, compared to 325 mm cm/day on Friday. However, as a reflection of a now comfortable LNG supply in Europe, LNG sendouts remained strong.

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