Lower prices in Europe and in Asia

With unchanged fundamentals, European gas prices weakened yesterday, pressured by technical selling. The additional drop in Asia JKM prices and the drop in parity prices with coal for power generation (due to lower EUA prices) also provided downward pressure.

On the pipeline supply side, Norwegian flows increased slightly yesterday, averaging 309 mm cm/day, compared to 304 mm cm/day on Wednesday, but still below the 324 mm cm/day of last Friday. Russian flows remained weak at 256 mm cm/day on average, still significantly below the 319 mm cm/day on average of January 2021.

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