Prices dropped again in Asia and in Europe

European gas prices dropped again yesterday, both on the spot and the curve. Prices continued to be pressured by the milder end of January-February weather outlook. In Asia, system baseload spot power prices on the Japan Electric Power Exchange for delivery today increased to €77/MWh, up from €68/MWh for delivery on Tuesday, but far below the record levels of the previous weeks. JKM spot prices weakened slightly to €29.18/MWh yesterday, -1.12% day-on-day.

On the pipeline supply side, Russian flows remained stable yesterday, at 317 mm cm/day on average, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows rebounded, averaging 334 mm cm/day, compared to 327 mm cm/day on Monday.

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