Mixed European prices

European gas prices were mixed again yesterday, torn between the opposite effects of warmer weather and higher storage injection needs due to weak stock levels.

The increase in Asia JKM prices and parity prices with coal for power generation (thanks to strong EUA prices) provided some support, particularly for curve prices, but profit taking contributed to limit the bullish impact.

On the pipeline supply side, Russian flows were very slightly down yesterday, at 329 mm cm/day on average, compared to 330 mm cm/day on Tuesday. Norwegian flows were slightly down, averaging 301 mm cm/day, compared to 304 mm cm/day on Tuesday (still significantly below the maximum of 348 mm cm/day of early April).

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