Fall in European prices

European gas prices dropped yesterday, pressured by the expected rise in temperatures next week. The sharp drop in oil prices and the more moderate drop in parity prices with coal for power generation (thanks in particular to lower EUA prices) provided additional downward pressure, particularly for curve prices.

On the pipeline supply side, Norwegian flows increased slightly yesterday, to 314 mm cm/day on average, compared to 310 mm cm/day on Wednesday. Russian flows were almost stable, averaging 327 mm cm/day, compared to 326 mm cm/day on Wednesday. As a reflection of a now comfortable LNG supply in Europe, LNG sendouts remained strong.

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