Prices extended losses

Prices were down again yesterday in most European gas markets as new forecasts confirmed a warmer weather outlook for the rest of this week and next week. The slight increase in parity prices with coal for power generation (thanks to the rise in EUA prices, which offset the drop in coal prices) helped limit losses on far curve prices.

In Asia, JKM spot prices eased again, falling to €19.992/MWh yesterday, -2.59% day-on-day.

On the pipeline supply side, Norwegian flows rebounded yesterday, averaging 332 mm cm/day, compared to 324 mm cm/day on Tuesday, as the unplanned outage at the Aasta Hansteen gas field started to be resolved. Russian flows remained weak, at 300 mm cm/day on average, compared to 301 mm cm/day on Tuesday.