Prices rebounded

With fundamentals almost unchanged, European spot gas prices rebounded yesterday, keeping their bullish trend. On the pipeline supply side, Norwegian flows increased to 263 mm cm/day on average yesterday, compared to 237 mm cm/day on Friday. As for Russian flows, they were stable, averaging 329 mm cm/day.

Curve prices were also higher. Ignoring the slight drop in parity prices with coal for power generation (the drop in coal prices offset the rise in EUA prices), they seem to have been mainly supported by technical buying after the strong drop on Friday.