Prices extended gains in Asia and in Europe

European gas prices extended gains on Friday, both on the spot and the curve, still supported by freezing temperatures in Europe and in Asia and tight LNG supply. In Asia, spot JKM prices rose to €59.966/MWh on Friday, +4.14% day-on-day, strongly helped by exceptional spot baseload power prices: €1184/MWh on Friday on the Japan Electric Power Exchange (compared to €722/MWh on Thursday).

On the domestic supply side in Europe, Russian flows were almost stable on Friday, at 323 mm cm/day on average, compared to 324 mm cm/day on Thursday. Norwegian flows were restored to 334 mm cm/day (compared to 325 mm cm/day on Thursday) after the resolution of process problems on the Troll field.