EnergyScan

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.

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