European spot and near curve prices down

European spot and near curve gas prices dropped yesterday, still pressured by mild weather and weaker Asian prices. By contrast, prices on far curve were up, supported by the sharp rise in EUA prices (which increased parity prices with coal for power generation).

In Asia, JKM spot prices extended losses, falling to €24.383/MWh yesterday, -2.90% day-on-day.

On the pipeline supply side, Russian flows were down yesterday, at 307 mm cm/day on average, compared to 312 mm cm/day on Tuesday, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows were also down, averaging 330 mm cm/day, compared to 332 mm cm/day on Tuesday.

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July 13, 2021

Sharp downward correction

Prices dropped significantly yesterday in most European gas markets, pressured by higher supply and technical selling. Indeed, Russian supply rebounded to 310 mm cm/day on…
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