Prices rebounded in most European markets

Prices rebounded yesterday in most European gas markets as participants began to be more sensitive to supply issues. The combined effect of reduced US LNG feedgas due to historic freeze-off in some producing regions and lower pipeline supply is now raising concerns. Although Norwegian flows continued to recover, averaging 321 mm cm/day yesterday, compared to 318 mm cm/day on Wednesday, they are still well below the 338 mm cm/day of Monday. Russian flows on their side were down again, at 295 mm cm/day on average, compared to 297 mm cm/day on Wednesday, significantly below the 371 mm cm/day on average of December 2020. The rise in coal and EUA prices (which increased parity prices with coal for power generation) provided additional upward pressure.

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