A dead cat bounce?
US equity markets bounced back on Tuesday, reversing some of the sharp losses recorded last week on the back of an historical 75 bp interest…
European gas prices were up on Friday, both on the spot and the curve, supported by lower pipeline supply and growing concerns about LNG supply. Indeed, due to unplanned works at the Troll and Asgard fields, Norwegian flows dropped on Friday to 329 mm cm/day on average, compared to 337 mm cm/day on Thursday. Russian flows were stable, averaging 328 mm cm/day. As for LNG sendouts, they weakened, probably because of the ongoing blockage of the Suez Canal.
The strong rise in parity prices with coal for power generation (both EUA and coal prices were up) provided additional upward pressure.
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