European prices up on the spot and the curve

European spot gas prices extended gains overall yesterday. In addition to above-normal demand, lower pipeline supply contributed to tighten gas systems further. Indeed, due to several additional maintenance works, Norwegian flows dropped to 282 mm cm/day yesterday, compared to 302 mm cm/day on Tuesday. Russian flows remained stable at 331 mm cm/day on average.

Curve prices were also higher, supported by the rebound in parity prices with coal for power generation (both EUA and coal prices were up) and technical buying.

TTF-cal-2022
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