European prices rebounded

In a rather quiet trading session as the UK market was closed, continental Europe gas prices rebounded yesterday as the bearish impact of the rise in temperatures started to fade.

The rise in Asia JKM prices and in parity prices with coal for power generation (thanks to the increase in EUA prices) and technical buying after last week’s strong losses provided upward pressure.

On the pipeline supply side, Norwegian flows increased yesterday, averaging 279 mm cm/day, compared to 270 mm cm/day on Friday. As for Russian flows, they were stable, at 332 mm cm/day on average.