Prices continued to correct downward
European gas prices continued to correct downward yesterday, further reducing their premium over parity prices with coal for power generation. They ignored the additional drop…
European gas prices increased sharply yesterday, supported by cold weather and weak pipeline supply. Indeed, although they increased yesterday to 300 mm cm/day on average, compared to 286 mm cm/day on Friday, Russian flows were still below the 324 mm cm/day of Thursday as Yamal flows remained below their pre-outage level. As for Norwegian flows, due to planned maintenance works, they dropped again, averaging 310 mm cm/day, compared to 327 mm cm/day on Friday.
The rise in parity prices with coal for power generation (both EUA and coal prices were up) provided additional upward pressure, particularly on curve prices.
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