European prices up overall

European gas prices were up overall yesterday, supported by the ongoing concerns on weak stock levels as gas storages remain in net withdrawal mode in most countries.

The increase in Asia JKM prices and parity prices with coal for power generation (thanks in particular to strong EUA prices) provided additional support, particularly for curve prices.

On the pipeline supply side, Russian flows were stable yesterday, at 329 mm cm/day on average. Norwegian flows were slightly up, averaging 303 mm cm/day, compared to 301 mm cm/day on Wednesday (but still significantly below the maximum of 348 mm cm/day of early April).

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