Prices extended gains on lower temperatures

European gas prices extended gains yesterday, supported by the downward revision of temperatures. On the pipeline supply side, Norwegian flows were up yesterday, averaging 329 mm cm/day, compared to 315 mm cm/day on Tuesday. But Russian flows were lower, at 320 mm cm/day on average, compared to 327 mm cm/day on Tuesday.

The rise in parity prices with coal for power generation (both EUA and coal prices were up) provided additional upward pressure, particularly for curve prices.