European prices rebounded

Prices rebounded yesterday in most European gas markets, supported by new weather forecasts pointing to below-average temperatures in February.

To the exception of Spain PVB and Italy PSV prices, European prices ignored the additional easing of Asian prices. Indeed, system baseload spot power prices on the Japan Electric Power Exchange for delivery today dropped to €64/MWh, compared to €76/MWh for delivery on Thursday, far below the record levels of the previous weeks. JKM spot prices weakened to €26.744/MWh yesterday, -4.59% day-on-day.

On the pipeline supply side, Russian flows remained stable yesterday, at 320 mm cm/day on average, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows were also almost stable, averaging 339 mm cm/day, compared to 340 mm cm/day on Wednesday.

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